Enforceable Security?

Security in one form or another is given by people who transact with each other on a daily basis. The bigger the transaction, the greater the security required. For instance, parties entering into a securities lending transaction in terms of a Global Master Securities Lending Agreement (GMSLA) regularly require security to be provided by the borrower. Fortunately the Supreme Court of Appeal has given some certainty on the provision of cessions in security in South Africa. At about the same time, the South African Securities Lending Association (SASLA) published a revised Schedule for parties entering into a GMSLA in terms of South African law. The consequences of following the advice SASLA received need to be fully understood.