The security cession of the rights under life policies marries two separate areas of the law: The Law of cession and the Law of Insurance. This makes for a complex union since varying common law and statutory principles ind application, and in reality trade practices also play a role.
In theory a cession in securitatem debiti may take one of two possible constructions, namely a pledge or a fiduciary security cession, and each has its own advantages and disadvantages. Disparity arose when judicial preference was given to the pledge construction while academics preferred the other.
The problem, however, was larger than a disagreement as to the better construction. The underlying problem was that there was a lack regarding clarity as to the practical operation of security cession of life policies, in addition to the problems surrounding the construction thereof.
As a solution to this problem some academics have suggested legislative intervention. The South African Law Reform Commission, nevertheless, advised against it in 1991 and was of the opinion that the issue was one which our courts would eventually solve.
In the 22 years since then, our courts have merely confirmed its preference for the pledge construction. The intricacies of security cessions of life policies have seen no further judicial development. It is probable that the courts do not have enough practical information at hand to advance this area of the law.
An investigation into the operation of such cessions in practice was thus necessary. The outcome of the practical investigation reveals that legislative intervention is indeed a viable solution especially since the issues are too complex for the courts to solve. As part of this work, legislation has been drafted and it is recommended that this is inserted into the Security by Means of Movable Property Act . / Die sessie ter sekerheidstelling van regte voortspruitend uit 'n lewensversekeringspolis betrek twee
aparte onderafdelings van die rege naamlik die reg insake sessie en die versekeringsreg. Die gevolg van
hierdie dualisme is dat 'n magdom gemeenregtelike en statutêre regsbeginsels van toepassing is wat sessies
van hierdie aard kompliseer. Daarbenewens speel handelspraktyke ook ‘n rol.
Teoreties kan 'n sessie in securitatem debiti een van twee moontlike konstruksies aanneem, naamlik sessie
van pandgewing en fidusiêre sekerheids sessie, en elk het sy eie voor- en nadele. Onenigheid was aan
die orde van die dag nadat die howe aan die pandgewings konstruksie voorkeur verleen het, terwyl akademiese
skrywers die alternatiewe konstruksie verkies het.
Die probleem was egter veel eerder weens ‘n gebrek aangaande duidelikheid oor die praktiese toepassing
van die sessies ter sekerheidstelling van lewenspolisse, as die onenigheid oor welke van die twee konstruksies
teoreties die beter een sou wees .
Om die probleem te oorkom, het sommige akademiese skrywers voorgestel dat die wetgewer moes ingryp.
Die Suid-Afrikaanse Regskommissie het egter in 1991 daarteen besluit en die mening gehuldig dat
die probleem uiteindelik deur die howe opgelos sou moes word.
Sedertdien het die howe egter telkens hul voorkeur ten opsigte van die pandkonstruksie uitgespreek, en
derhalwe het daar geen verdere deurslaggewende juridiese ontwikkeling rondom die kwelpunte van sessies
ter sekerheidstelling plaasgevind nie. Dit is waarskynlik daaraan te wyte dat die howe oor ontoereikende
praktiese inligting beskik het om hierdie gebied van die reg noemenswaardig uit te bou.
Dit was gevolglik nodig om 'n ondersoek aangaande die toepassing in die praktyk van hierdie tipe sessies
te loods. Die resultaat van dié ondersoek toon dat 'n statutêre ingreep inderdaad 'n lewensvatbare
oplossing kan bied, aangesien die kwessies te ingewikkeld is vir die howe om te oorkom. Deel van hierdie
studie bevat voorgestelde wetgewing met die aanbeveling dat dit in die Wet op Sekerheidstelling deur
middel van Roerende Goed 57 van 1993 opgeneem word. / Thesis (LLD)--University of Pretoria, 2013. / Mercantile Law / LLD / Unrestricted
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:up/oai:repository.up.ac.za:2263/33505 |
| Date | January 2013 |
| Creators | Sunkel, Kelly |
| Contributors | Kuschke, Birgit |
| Publisher | University of Pretoria |
| Source Sets | South African National ETD Portal |
| Language | English |
| Detected Language | Unknown |
| Type | Thesis |
| Rights | © 2013 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
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