Petzer v Dixon (A07/2023)
Petzer v Dixon (A07/2023) [2023] ZAWCHC 63 (24 March 2023)
The court found that the National Credit Act did not apply to the personal loan between the parties because they were not dealing at arm's length; the loan was a once-off transaction between friends, with no profit motive, and the respondent was not in the business of providing credit. The respondent was not required to register as a credit provider, as the total principal debt fell below the statutory threshold. The evidence showed that the parties always treated the personal loan and the business loans separately, and there was no common intention to include the personal loan in the sale of…
Source excerpt
- National Credit Act
- Arm S Length Transaction
- Rectification Of Contract
- Personal Loan
- Contractual Intention