“The rights of the surety“

Rights of the surety are as follows:

Did you know that in terms of Section 70(5) of the Insolvency Act , 24 of 1936 (“the Act”) the Master and the surety for the trustee, or any person authorised by such surety, shall have the same right to information in regard to an estate account opened under section 70(1)(a), (b) or (c) of the Act, as the trustee himself possesses, and may examine all vouchers in relation thereto whether in the hands of the bank institution or building society or of the trustee?

Jacqui Smith (LLB)

Legal Advisor

 

Subscribe now
Read More

More Articles

Understanding VAT & How To Save On Your MedMal Insurance Premium

VAT explained Value Added Tax (VAT) is a secondary tax that is charged on the consumption of goods and services in the economy. In the context of medical practitioners, VAT is charged on the consumption of your services (the provision of healthcare). This means that a portion of your revenue is paid to SARS as…

All you need to know about a ‘Claims-Made’ Policy

There are two key features of a claims-made policy. Firstly, the policy limits coverage to claims first made during the policy period. A claim is typically “made” on the date that you notify your broker or the Insurer. A claim made before the policy inception date or after the expiration date is not covered unless…

What is a reportable circumstance and what is a claim?

A reportable circumstance is any occasion when the Insured first becomes aware of any of the following: an intimation of a possible claim for damages, including correspondence intimating that the Insured was at fault in relation to performing any service or is liable for costs incurred or losses suffered by a third party; or the…