Articles
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…
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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