Meijer NO and Another v Firstrand Bank Ltd (formerly known as First National Bank of Sourthern Africa) and Another, In re: Firstrand Bank Ltd (formerly known as First National Bank of Sourthern Africa) and Another v Meijer and Others (2123/2010)
Meijer NO and Another v Firstrand Bank Ltd (formerly known as First National Bank of Sourthern Africa) and Another, In re: Firstrand Bank Ltd (formerly known as First National Bank of Sourthern Africa) and Another v Meijer and Others (2123/2010) [2012] ZAWCHC 23 (4 April 2012)
The court held that the applicants' resignations as trustees were not effective until proper written notice was given to the Master of the High Court, and in the absence of such notification, they remained trustees. The trust deed required a minimum of three trustees in office, and when this quorum was not met, the trust lacked capacity to contract. The Second Respondent, acting alone, did not have authority to bind the trust to the loan and mortgage transaction, and her actions were ultra vires the trust deed and void. The subsequent ratification by newly appointed trustees could not cure th…
Source excerpt
- Trust Property Control Act
- Trustee Resignation
- Joint Action Requirement
- Ultra Vires Transactions
- Ratification In Trust Law
- Rescission Of Judgment