Factaprops 1052 CC and Another v Land and Agricultural Development Bank of South Africa t/a Land Bank (353/2016)
Factaprops 1052 CC and Another v Land and Agricultural Development Bank of South Africa t/a Land Bank (353/2016) [2017] ZASCA 45; 2017 (4) SA 495 (SCA) (30 March 2017)
The Supreme Court of Appeal held that the phrase 'mortgage bond' in section 11(a)(i) of the Prescription Act 68 of 1969 must be interpreted to include a special notarial bond. This conclusion is supported by the ordinary grammatical meaning of 'mortgage', the Afrikaans text of the Act, historical legislative usage, and the public record nature of notarial bonds. The distinction drawn in the Deeds Registries Act is relevant only for deeds attestation and registration, not for prescription purposes. Consequently, the applicable prescription period for a debt secured by a special notarial bond i…
Source excerpt
- Prescription Periods
- Special Notarial Bond
- Mortgage Bond Interpretation
- Security By Means Of Movable Property Act
- Suretyship Liability