Ownership and Appropriation of Funds Deposited in a Bank Account – Spar Group Ltd v Firstrand Bank Ltd 2017 1 SA 449 (GP)
Journal of Contemporary Roman-Dutch Law, Vol. 80, p. 308-314, 2017
7 Pages Posted: 30 Nov 2017
Date Written: May 27, 2017
Abstract
The Spar case deals with a number of aspects regarding the bank/customer relationship. In particular it deals with the ownership of moneys deposited in a bank account, the bank’s entitlement to appropriate such deposits by way of set-off and a so-called quasi-vindicatory action by a third party who is not the account holder but claims ownership of the moneys held in a client’s account with a bank. This note is confined to these aspects of the bank/customer relationship and the decision in this regard in Spar.
Keywords: bank/customer relationship, ownership of money, set-off, appropriation of deposits
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