n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - Pledge of movables under the National Credit Act : secured loans, pawn transactions and summary execution clauses
|Article Title||Pledge of movables under the National Credit Act : secured loans, pawn transactions and summary execution clauses|
|© Publisher:||Juta Law Publishing|
|Journal||SA Mercantile Law Journal = SA Tydskrif vir Handelsreg|
|Affiliations||1 University of Stellenbosch|
|Publication Date||Jan 2013|
|Pages||555 - 577|
A summary execution (parate executie) clause can be defined, in the words of Scott, as a provision 'in a pledge contract to the effect that the creditor may on default by the debtor sell the pledged article without recourse to a court of law'. The position at common law regarding the validity of summary execution clauses in pledge agreements was set out in Osry v Hirsch, Loubser & Co Ltd.
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