Rainbow Dimonds (Edms) Bpk. en Andere v Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy (372/82)
Rainbow Dimonds (Edms) Bpk. en Andere v Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy (372/82) [1984] ZASCA 41; 1984 (3) SA 1 (A) (30 March 1984)
The court held that upon the dissolution of Mankor, the rights of claim against the appellants vested in the State as bona vacantia, following established South African legal principles and practice. The Treasury, acting on behalf of the State, was empowered to cede these rights to Sanlam, the only legitimate claimant, in accordance with its statutory powers and longstanding policy of not enriching the State at the expense of rightful claimants. The cession was valid and effective, and the appellants' arguments regarding lack of ownership and authority were rejected. The appeal was dismissed,…
Source excerpt
- Bona Vacantia
- Company Liquidation
- Transfer Of Claims
- State Prerogative
- Statutory Interpretation