n Tydskrif vir die Suid-Afrikaanse Reg - The distinction between a credit facility and an incidental credit agreement in terms of the National Credit Act, and an afterthought on credit guarantees and registration : regspraak

Volume 2011, Issue 3
  • ISSN : 0257-7747
  • E-ISSN: 1996-2207



The National Credit Act 34 of 2005 applies to "every credit agreement" concluded between parties "dealing at arm's length" (s 4(1)). (For the meaning of the unnecessary, confusing and vague expression "at arm's length," see the deeming provisions in s 4(2)(b); Van Zyl in Scholtz (ed) (2008) par 4 2.) The central term in the act is "credit agreement", which may take one of four forms: (i) credit facility; (ii) credit transaction; (iii) credit guarantee; (iv) any combination of (i) to (iii) (s 8(1)).

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