Watkins-Ball N.O and Others v Leggatt and Others (9325/08)
Watkins-Ball N.O and Others v Leggatt and Others (9325/08) [2010] ZAGPJHC 192 (24 November 2010)
The court found that the applicants failed to prove the existence of a valid pledge over the Nedcor Limited shares. The evidence indicated that the underlying debt was owed to Nedbank or BOE, not the trust, and that the debt had likely been extinguished by payments and judgments obtained by Nedbank. No valid pledge was registered in accordance with the Security Services Act or STRATE rules, and the statements of account did not reflect any pledge. The applicants did not make out a case for a pledge in their founding papers and attempted to do so in reply, which is impermissible. On the papers…
Source excerpt
- Pledge Of Shares
- Sale In Execution
- Security Services Act Compliance
- Declaratory Relief
- Motion Proceedings
- Registration Of Security Interests