Nedbank Ltd v Puricare CC and Others (18922/2010)
Nedbank Ltd v Puricare CC and Others (18922/2010) [2014] ZAWCHC 17 (18 February 2014)
The court held that the Dominick defendants failed to establish that Nedbank's conduct constituted a breach of any legal duty or obligation under the principal agreement or the suretyship contracts. The facility agreement and suretyships expressly authorised Nedbank to determine the extent and nature of banking facilities and to honour debit requests at its discretion. The absence of a facility agreement did not preclude Nedbank from honouring Puricare's debit requests, and the suretyships covered all indebtedness arising from any cause. The court found no evidence of mala fide conduct by Ned…
Source excerpt
- Suretyship Liability
- Prejudicial Conduct By Creditor
- Facility Agreement
- Non Variation Clause
- Set Off Rights
- Release Of Surety