There are two theories on the transfer of security, the theory of deposit and a sloping assignment with the obligation to recover (reversion rights). The distinction between a pledge and an “out and out” assignment is as follows: the deed of transfer is the transfer of ownership to another entity. In international law, it often refers to land transfer areas that are delegated by contract. Ballentine`s Law Dictionary defines the assignment as “a capitulation; Abandonment to relinquish the jurisdiction of one board of directors in favour of another agency. [1] Unlike annexation, which involves forced forfeiture, the surrender is voluntary or, at the very least, obvious. The obligations of the subject of the assignment, which we analyze in this article, are often overlooked. The obligations of the transferee member are governed by the law applicable to the nature of the security instrument, which establishes the safety and conditions of the undertaking agreement between him and the assignor. The commitment agreement is the agreement that justifies the obligation to withdraw. The performance of the assignment obligation is generally included in a transfer or transfer agreement. It is common for the obligation to transfer (contained in the agreement of commitment) and the performance or performance of the obligation to transfer (contained in the transfer or transfer agreement) to be included in a document and are subject to the same conditions, but the obligation to transfer and its execution remain separate legal acts.
We distinguish between non-existent rights and future rights. A future right is a right that does not exist at the date of transfer, but which may arise. Our law authorizes the transfer of future rights to the security of the security. A pledge and assignment in securitatem debiti, known as a security or security assignment, is when the Cedent mortgages or incriminates his personal rights on his debtor and transfers these rights to the assignment (rights surrendered) to ensure the performance of a duty guilty of assignment by the assignor or a related party. A security assignment is generally used to create a security interest for the Cedent`s personality rights for booking debts, money in bank accounts, insurance policies or shares. In many cases, it has been found that a sale in securitatem debiti was legally a pawn of tangible property. However, the SCA found that at the time the bank abandoned the debt, nothing could be divested, as GD Brews had to pay the debts in accordance with its agreement with Brayton and JP Brews. From a legal point of view, the transfer by transfer of a non-existent right is a nullity.
The SCA also reviewed the authorized correspondence between the bank`s lawyers and the lawyers for LA DG Brews. It concluded that the parties clearly intended to transfer its full payment request to the bank. GD Brews attempted to amend its claim by stating that the assignment was a precondition for payment, but the Tribunal in particular dismissed this attempt as inconsistent with the assignment. The transfer taker in this type of assignment is not required to inform the debtors of the transferor. The transfer director only holds this assignment as collateral, the cleared accounting debts are constantly replaced by new ones. In Grobbelaar/Oosthuizen 2009 (5) SA 500 (SCA), the Tribunal found that in the event of a transfer of rights, the assignor would lose all rights by issuing these rights to an assignee and, after the transfer, nothing would remain in the transferor (see item 8). This decision was supported by Kritzinger and Another/Standard Bank of South Africa (3034/2013) [2013] ZAFFHS 215 (September 19, 2013) (Kritzinger case).