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South Africa decisions
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Van Zyl v Attorneys Fidelity Fund Board of Control (469/2012) [2017] ZAFSHC 26 (2 February 2017)
The court held that money placed in an attorney’s trust account for an interest-bearing loan was not protected trust money under the Attorneys Act.
Classens v Attorneys Fidelity Fund Board of Control (26153/2010) [2011] ZAWCHC 322 (4 August 2011)
The court found that the applicant paid money into the attorney's trust account as bridging finance for sellers, not as an investment. The arrangement was temporary and linked to specific property transactions, with repayment due upon transfer and receipt of proceeds. The applicant's intention was to provide short-term loans, not to invest indefinitely for profit. Section 47(5)(a) of the Attorneys Act applied, excluding the transaction from the investment exclusion in section 47(1)(g). The respondent failed to discharge the onus of proving that the payment was an investment. The facts were di…
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