oa Juta's Business Law - The cessionary's duty on the security cession of a life insurance policy
The cession of life insurance policies as security for a debt is an everyday occurrence. However, there still seems to be uncertainty as to the precise scope of the cessionary's legal rights and duties as regards the proceeds payable on the policy on the death of the life insured, especially when a beneficiary has also been appointed in terms of the policy in question. Some light was shed on these issues in Mulaudzi v Firstrand Bank Ltd (2006 JDR 1048 (T)).
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