by VDT Attorneys | Jan 6, 2021 | Dispute resolution, Prescription, Surety, Suretyship
To answer your question, we must explain some of the terminology. “Prescription” is a legal principle in terms of which a debtor’s liability to pay an outstanding debt is extinguished after the passing of a prescribed time period. The Prescription Act 68 of 1969...
by VDT Attorneys | Feb 12, 2019 | Commercial, Surety
Although both are forms of security for a principal obligation (the payment of your vehicle finance loan), there is definitely a difference between these two forms of security. A surety will exist where a person (you) enters into an agreement with a creditor (the...