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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)
5.
ANSWER:
Key Facts of the Case:
The case involves a dispute between Joint Stock, the appellant, and Absa Bank, the respondent.
The appellant claimed that it had ownership rights to funds held in an Absa account and sought a
declaration that the funds belonged to it. The appellant alleged that the funds were appropriated by
Absa unlawfully.
Main Arguments by Concerned Parties:
• Appellant (Joint Stock): The appellant argued that the funds held in the Absa account were
specifically intended for the appellant's use and that Absa was aware of this purpose. They
claimed that Absa's appropriation of the funds was unjustified and unlawful.
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