LML4807 Assignment 1 (COMPLETE ANSWERS) Semester 1 2024 (210537) - DUE 5 April 2024 ; 100% TRUSTED workings, explanations and solutions. for assistance Whats-App 0.6.7..1.7.1..1.7.3.9 ......................................... Briefly discuss the following prescribed case:
Standard Bank of South Af...
Due Date: 05 April 2024 : 21h00
(3 ANSWERS PROVIDED)
Standard Bank of South Africa Ltd v Echo Petroleum 2012 (5) SA 283 (SCA)
FACTS OF THE CASE
Echo Petroleum (Echo) deposited R710,000 into Sky Petroleum’s (Sky) bank account for
the purchase of fuel, with the understanding that the funds would be used by Sky to buy
the fuel from Sasol on Echo's behalf, and that ownership of the funds would only transfer
to Sky once the fuel was delivered to Echo. Unbeknownst to Echo, Sky was indebted to
Standard Bank, which maintained the account. When the deposit was made, Standard
Bank set off the credit against Sky’s overdraft debt. When Sky failed to deliver the fuel,
and the Bank refused to reverse the set-off, Echo approached the courts to recover its
funds from the Bank, claiming a right of vindication – asserting that the bank should not
have treated the deposit as Sky’s money.
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