Ixocure (Pty) Ltd v Firstrand Bank Ltd (19619/2014)
Ixocure (Pty) Ltd v Firstrand Bank Ltd (19619/2014) [2017] ZAWCHC 139 (30 November 2017)
The court found that the transfer from Likhanyile to the plaintiff's account was provisional and never completed due to a hold placed following a fraud complaint. The evidence showed that the credit entry was conditional and not finalised, and the plaintiff's account was never validly credited with the disputed amount. The principle that a bank may not reverse a valid credit did not apply, as the transaction was never completed. The court further held that the representations relied upon by the plaintiff for estoppel were made by Likhanyile or its director, not by the bank, and that the plain…
Source excerpt
- Banking Liability
- Reversal Of Credit Entries
- Estoppel
- Standard Banking Practice