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Auxilium, Advocate
Category: South Africa Law
Satisfied Customers: 49
Experience:  Advocate of the High Court of South Africa
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In the Case that a summons was sent by the sheriff of the

Customer Question

In the Case that a summons was sent by the sheriff of the court and the property was public auctioned for 50% of the owning amount of the property. Who is responsible for the outstanding amount. No paperwork was sent there after.
JA: Since laws vary from place to place, what state is this in?
Customer: South Africa
JA: Are we your first resource? And has anything been filed in court?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: What are our rights?
Submitted: 2 months ago.
Category: South Africa Law
Expert:  Auxilium replied 2 months ago.
Hi,For sake of brevity I will answer without details, feel free to enquire further should you need more clarity.The property is only security for an outstanding debt. The prescription period for debt secured by a bond is 30 years.If the creditor realise its security and it only yields 50% of the outstanding debt, it has the nett effect that the creditor can only rely on such amount for its security.The remainder of the debt would still be owing and would the creditor have to utilize other execution, example moveables for the payment of the remainder of the debt.The remainder of the debt, unsecured, would prescribe in 3 years feom realisation of the bond.Regards