Start Dating for marriage sibiti

Dating for marriage sibiti

The Bank contends that the liberator facility granted to Nicolas was not a mere overdraft facility but was an enhanced facility payable in monthly instalments for 240 months commencing in August 2005.

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Following the conclusion of the agreement, the execution of the deeds of suretyship and the registration of the mortgage bonds, Nicolas overdrew the account and in consequence thereof he was indebted to the Bank in the amount of approximately R7.4million on 21 October 2008 (‘the decisive date’).

It was common course that Nicolas did not draw on the liberator facility nor did he make any payments to the Bank in consequence of the facility after the decisive date.

On the applicants version, Nicolas’ debt to the Bank prescribed on 22 October 2011 by virtue of the provisions of section 11 of the Prescription Act, No. In opposing this application, the Bank raised several arguments in relation to when prescription in such matters commence running; whether the debt is subject to a three year or thirty year prescription period; whether prescription was interrupted; and whether it would be more convenient to deal with these issues in its action proceedings launched after this application.

I deal with each of these arguments in the paragraphs below.

A failure to remedy the breach would also entitle the Bank to terminate the facility and claim immediate payment of the outstanding balance.

It is the Bank’s case that no such notice was given to Nicolas and therefore the amount due in terms of the facility did not become payable.

In the circumstances, they submit that prescription did not commence running and could only commence once the notice was given.