Land and Agricultural Development Bank of South Africa v Ntsekwa and Another (3325/2023)
Land and Agricultural Development Bank of South Africa v Ntsekwa and Another (3325/2023) [2024] ZAECMKHC 138; [2025] 1 All SA 395 (ECG); 2025 (3) SA 519 (ECMk) (19 November 2024)
The court found that the respondents remedied their default by paying R500,000, which exceeded the arrear amount due under the credit agreement. The credit agreement was not cancelled at the time of payment, and the applicant did not account for the excess payment or quantify legal costs for enforcement. The applicant failed to provide proper Section 129(1) notice to the second respondent and did not establish that the notice reached the first respondent. As Section 129 notice is a condition precedent to instituting proceedings, the application was prematurely and improperly instituted. The c…
Source excerpt
- National Credit Act
- Section 129 Notice
- Remedy Of Default
- Reinstatement Of Credit Agreement
- Special Executability
- Right To Housing