Articles
How an Executor applies to be discharged by the Master and what the discharge means
How to .. In terms of section 56(1) of the Administration of Estates Act 66 of 1965 (“The Act”) an Executor may make application to the Master to be discharged from his duties as appointed Executor upon the completion of the liquidation and distribution of the deceased estate to the satisfaction of the Master subject…
Drawing a Distinction Between Liability as a Surety and Liability as a Surety and Co-Principal Debtor
When you agree to act as a surety, you might also take on the role of a co-principal debtor. Without a clear statement of this additional responsibility, interpreting the terms of the suretyship and the context is necessary to determine if you’re committing as both. So, what’s the importance of these roles? Agreeing as both…
“The rights of the surety“
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…
Benefits of dealing with Shackleton Risk
Some benefits you can expect when dealing with Shackleton Risk Management: There is no excess payable for attorneys in respect of the Professional Indemnity Insurance product. This excess is usually anything between R25 000 and R150 000 so in the event of a claim, this is a HUGE upfront saving for the firm. We employ…
What is Professional Indemnity Insurance: An Overview
Have you ever wondered “what is professional indemnity insurance” and what professional indemnity insurance covers? Professional Indemnity Insurance is a type of business insurance that provides coverage for professionals who provide advice or services to clients. It protects professionals from financial losses if a client alleges negligence, errors or omissions, or breach of professional duty…
The importance of misappropriation of Trust Fund and Professional Indemnity Insurance for attorneys in South Africa
There has been an increasing prevalence of misappropriation (theft) of funds from attorneys’ trust accounts in these difficult economic times. Stories of attorneys who cannot account for trust funds abound; and the Law Societies are inundated with complaints. This highlights the importance of Misappropriation of Trust Fund coverand Professional Indemnity Insurance for attorneys. Many attorneys erroneously believe that…
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