Absa Bank Ltd v Universal Pulse Trading and Others (2011 (5) SA 80 (WCC))
Absa Bank Ltd v Universal Pulse Trading and Others (2011 (5) SA 80 (WCC)) [2011] ZAWCHC 260; 20806/2010 (8 June 2011)
The court held that once bidding commenced at a public auction without reserve, the sheriff was not entitled to halt the auction upon oral instruction from the applicant. The sheriff's authority derives from Uniform Rule of Court 46 and common law principles governing auctions. The sheriff is not the agent of the execution creditor but acts as an executive of the law. The applicant's attempt to withdraw from the auction or halt the process was contrary to the principles of public auction without reserve and would have prejudiced the rights of other bidders. No reviewable irregularity was esta…
Source excerpt
- Sale In Execution
- Public Auction
- Sheriff Authority
- Withdrawal Of Auction
- Reviewable Irregularity