ABSA Bank v Farrar (94759/2015)
ABSA Bank v Farrar (94759/2015) [2023] ZAGPPHC 1123 (30 August 2023)
The court found that the applicant retained ownership of the motor vehicle under the instalment sale agreement until the last instalment was paid. The respondent failed to avail herself of the remedies in the section 129 notice, resulting in cancellation of the agreement. The applicant's claim is for vindication of a real right, not a personal debt, and thus the prescription period is 30 years, not three years. The respondent's argument that she acquired ownership by prescription after three years was rejected, as the law provides for a 30-year period for acquisitive prescription of real righ…
Source excerpt
- Instalment Sale Agreement
- Prescription Act
- National Credit Act
- Vindicatory Action
- Summary Judgment
- Repossession