Standard Bank of South Africa Limited and Another v Mandlakomoya Trade and Projects CC and Another (3788/2023)
Standard Bank of South Africa Limited and Another v Mandlakomoya Trade and Projects CC and Another (3788/2023) [2024] ZAWCHC 322 (18 October 2024)
The court found that the second respondent had expressly waived the benefit of excussion in the suretyship agreements, making her immediately liable as co-principal debtor and guarantor. The liquidation of the principal debtor does not affect the applicants' independent rights to proceed against the surety and guarantor. The circumstances did not fall within any recognised category for granting a stay, such as lis alibi pendens or abuse of process. The fact that the second respondent lost her source of income due to the liquidation was not a sufficient reason to delay the applicants' pursuit…
Source excerpt
- Stay Of Proceedings
- Guarantee And Suretyship
- Waiver Of Excussion
- Liquidation Effect On Surety
- Inherent Jurisdiction