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South Africa decisions
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Keyter N.O. v Keevy and Others (CA311/2017) [2018] ZAECGHC 19 (8 March 2018)
The court held that the sheep-lessee claim was personal, not vindicatory, so it was a debt under the Prescription Act and the appeal failed.
Stockdale and Another v Stockdale (A63/2002) [2002] ZAWCHC 67; [2003] 3 All SA 358 (C); 2004 (1) SA 68 (C) (22 November 2002)
The court found that the intention of the parties, as evidenced by the wording of the acknowledgements of debt and the surrounding circumstances, was that the debt would not be immediately repayable. Repayment would only become due upon notice by the Plaintiffs, which was only given in October 2000. The court distinguished between the coming into existence of the debt and its recoverability, holding that prescription only commenced when the debt became due, i.e., when notice to repay was given. The Magistrate erred in finding that prescription began running from the date of signature. The app…
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Cactus Investments (Pty) Ltd. v Commissioner for Inland Revenue (1/97) [1998] ZASCA 98; 1999 (1) SA 315 (SCA); [1999] 1 All SA 345 (A) (20 November 1998)
The Supreme Court of Appeal held that, under the Income Tax Act and common law principles, a lender becomes entitled to the right to receive interest on the stipulated future date as soon as the funds are made available to the borrower. The subsequent cession of rights does not affect the accrual of interest for tax purposes. The contractual terms did not alter the ordinary principles, and commercial realities or equitable considerations cannot override the clear wording of the statute. The majority judgment of the court a quo was correct in finding that the interest accrued to Cactus during…
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