n Without Prejudice - Unlawful levying of interest : contract law
|Article Title||Unlawful levying of interest : contract law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Jun 2015|
|Pages||13 - 14|
The SCA judgement in Vesagie NO & others v Erwee NO & another (734/2013)  ZASCA 121 (19 September 2014) (Vesagie case) sounds another warning to commercial lawyers to be aware of the implications of the National Credit Act (34 of 2005) (NCA) when drafting their clients' contracts. In this case, the simple act of levying interest on the deferred payments of the purchase price for shares had the unintended consequence of rendering the sale of shares contract null and void ab initio.
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