oa Comparative and International Law Journal of Southern Africa - A bank's right to recover payments made by mistake: Price versus Neal revisited
|Article Title||A bank's right to recover payments made by mistake: Price versus Neal revisited|
|© Publisher:||Institute of Foreign and Comparative Law|
|Journal||Comparative and International Law Journal of Southern Africa|
|Affiliations||1 Rand Afrikaans University|
|Publication Date||Mar 1983|
|Pages||1 - 38|
|Keyword(s)||Banks, Payments, Price v Neal, Recovery, South African law and Unjust enricment|
In this article an attempt will be made to answer three main questions. 1 Under the South African law of unjust enrichment what requirements must a bank satisfy in order to establish a cause elf action to recover payments of money made in mistake of fact? 2 Does South African law, by way of an exception to any right of recovery which the bank may have under the law of unjust enrichment, accord protection to the recipient of the mistaken payment where the recipient is a holder in due course of a negotiable instrument? If so, is this the essence, and limit of the 5cope, of the so-called "rule in Price v Neal"; and what is the rationale of such limitation upon the right of recovery? 3 The further question arises whether a South African court should apply any such more extensive version so as to defeat a right of recovery which would otherwise be available to the bank under the law of unjust enrichment? If so, how precisely should any such version of the rule be formulated.
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