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Summary VHD 320: EVERYTHING FOR SEMESTER TEST 1 (2023) - LEGAL NATURE OF PAYMENT + BANK CUSTOMER RELATIONSHIP + BILLS OF EXCHANGE
- Grado
- Institución
(LECTURE NOTES + CASE LAW + LEGISLATION)
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LEGAL NATURE OF PAYMENTDefinition of payment
DD
S v Harvey & Odendaal case & Sharrock 2 elements
- Debtor and creditor.
- Discharge of an obligation.
When a payment can take place UBC
1. Debtor provides creditor an unconditional right to immediately use funds
- Unconditional access to funds is immediate.
2. Payment is a bilateral act
- There must be an agreement between the debtor and creditor
o Agreeing upon a method then using a different method no payment.
o Creditor can accept different method payment is retrospectively
validated.
3. Capacity to act
- 18yrs +
Veren Investments
- Facts
o X gave instructions to the Bank to put money into a blocked account
once contract concluded Bank did but the contract was not
concluded.
, - Court
o General rule payment is a bilateral act.
o In this case payment was a unilateral act but it’s okay bcs other
party accepted this method of payment.
o Bank discharged its obligation to put money into blocked account it
did nothing wrong.
LEGAL TENDER & MONEY
Definition of money
Strict definition 4 requirements (only notes and coins issued by SARB) ANUT
- Issued under authority of the state.
- Nominal value in terms of the law.
- Serve as a universal means of exchange in the state.
- Be in a tangible form.
Medium of payment
S17 SARBA Payment must be in a legal tender
- Banknotes.
- Coins.
Foreign currency not money
- Criminal offence compelling someone to pay in a foreign currency.
- Debt in foreign currency must be converted at the exchange rate when
payment is made.
, ELEMENTS FOR VALID TENDER OF PAYMENT
General
Creditor insist on exact amount of payment
- Cannot be compelled to:
o Accept instalments.
o Give change.
Currency nominalism
Debtor must pay stated amount
- Creditor carries risk of loss due to depreciation of rand.
- Debtor carries risk of loss appreciation of rand.
Time and place of payment
When there is an agreement the place expressly / tacitly agree upon
- No agreement determined by referring to law.
o Cash payment where debtor delivers cash to.
o Electronic payment payee’s bank account.
Payment by 3rd party
General rule Payment can be made by a 3rd party.
- When debtor does not know 3rd party has paid
o 3rd party must make it clear they are paying on behalf of the debtor.
o Payment must be unconditional.
o 3rd party has right of recourse to claim back from debtor within 30yrs.
- When parties agree that payment will be made by 3rd party
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