oa Comparative and International Law Journal of Southern Africa - Currency problems in transactions extending beyond one legal unit
|Article Title||Currency problems in transactions extending beyond one legal unit|
|© Publisher:||Institute of Foreign and Comparative Law|
|Journal||Comparative and International Law Journal of Southern Africa|
|Affiliations||1 Supreme Court of South Africa|
|Publication Date||Nov 1985|
|Pages||377 - 384|
|Keyword(s)||Foreign currencies, Judgments, Payments, South African court, South African law and Voest Alpine|
This article uses comparative law to challenge the justification of the assumption of a contrary "rule" by the judge in Voest's case which, however, he was unable to "find". There is, as pointed out in the article, no statute law in the Republic which requires judgments to order payment in South African currency only. While in terms of section 2(1) of the Currency and Exchange Act 9 of 1933 loans in former money may at the option of the debtor be repaid in money which is legal tender at the time of payment, section 14 of the South African Mint and Coinage Act 78 of 1964 provides, as regards contracts, etc made in the Republic relating to money, for the execution in money which is current and legal tender, but expressly reserves the right to stipulate for money in a foreign currency. The Reciprocal Enforcement of Civil Judgments Act 9 of 1966, which, however, is not yet in force, provides in section 3(2) that where any amount payable under a judgment to be registered is expressed in a currency other than the currency of the Republic.
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