Exam (elaborations)
LML4807 Assignment 1 Semester 2 (Due 22 August 2023)
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LML4807 Assignment 1 Semester 2 (Due: 22 August 2023)
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ASSIGNMENT 1 (SEMESTER 2)
DUE DATE: 22 August 2023
NB: This assignment must be submitted by all students who are registered for the
LML4807 module in the second semester of 2023
LML4807_ASSIGNMENT 01_02/2023
Carefully read the case below, from your prescribed reading list, and answer the following
questions:
Joint Stock v Absa Bank 2008 (4) SA 287 (SCA).
QUESTIONS:
The allocation of marks for this case discussion is as follows:
1. Briefly outline the key facts of the case (3 Marks)
2. What were the main arguments by the concerned parties (2 Marks)
3. Summarise the decision of the court (meaning the reasons for the decision of the court) (4
Marks)
4. Provide your critical comment on this decision, in particular the finding by Cachalia JA in
respect of the knowledge of the bank (your own opinion on whether the court correctly
interpreted the law) (1 Mark)
ANSWER:
Key Facts of the Case:
In this case, the appellant (Joint Stock) deposited funds into an account held with Absa Bank (the
respondent). These funds were earmarked for specific payments to subcontractors and other
parties involved in a project. The funds were held in this account for the purpose of making
payments to the designated parties once the necessary formalities were met. Absa Bank
appropriated the funds in the account to settle debts owed to it by the account holder's debtors.
Main Arguments by Concerned Parties:
• The appellant's position centred on the assertion that the funds deposited in the Absa
account were explicitly earmarked for their use. They emphasized that Absa was well
aware of this particular purpose for the funds. The appellant argued that Absa's subsequent
appropriation of these funds was unjust and in violation of the law.
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