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
In South Africa, the rights of a surety are crucial to a suretyship agreement, providing protections such as requiring the creditor to pursue the principal debtor first, being released if the creditor’s actions prejudice them, and accessing relevant financial information about the debtor. The surety can also seek recourse against the debtor if they pay the debt and demand an equal contribution from other sureties if multiple exist. Understanding these rights ensures a fair balance between all parties, and Shackleton Risk Management can assist in safeguarding your interests in any suretyship under South African law. Contact us today to learn more.
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