D A Ungaro & Sons (Pty) Limited v Absa Bank Limited (20063/2003)
D A Ungaro & Sons (Pty) Limited v Absa Bank Limited (20063/2003) [2015] ZAGPJHC 207; [2015] 4 All SA 783 (GJ) (7 September 2015)
The court found that an agreement existed between the plaintiff and the defendant for the operation of the savings account. It was an implied term of the agreement that withdrawals and transfers from the account required written authorisation from the plaintiff. The defendant failed to take reasonable steps to verify Huang's authority to make withdrawals and transfers, and allowed unauthorised transactions to occur. The defendant's conduct amounted to negligence and breach of its duty of care towards the plaintiff. The plaintiff proved, on a balance of probabilities, that the unauthorised wit…
Source excerpt
- Bank Customer Relationship
- Negligence
- Breach Of Mandate
- Unauthorised Withdrawals
- Damages
- Contractual Liability