Standard Bank of South Africa Ltd v Begum (C.C. 134/1932.)
Standard Bank of South Africa Ltd v Begum (C.C. 134/1932.) [1932] EACA 39 (1 January 1932)
The court held that the plaintiff, The Standard Bank of South Africa, Ltd., was correctly described and had standing to sue. The promissory notes passed in respect of monthly instalments were collateral security, not payment. The deposit of Sh. 2,000 was a reasonable guarantee for performance and could be forfeited upon rescission. Instalments paid by the defendant under the contract constituted a benefit received and, under section 64 of the Indian Contract Act, must be restored to the defendant. However, since the defendant occupied the premises without paying rent, the plaintiff was entitl…
Source excerpt
- Contract Rescission
- Deposit Forfeiture
- Benefit Restoration
- Collateral Security
- Set Off Equitable Rent