A brief overview of the latest case law developments in terms of
the Prescription Act 68 of 1969
In terms of the Prescription Act 68 of 1969 ("the
Act"), "debts" prescribe after a period of
3 years. In order to avoid losing the legal right to enforce a
claim (payment of a "debt"), a creditor must interrupt
prescription by instituting proceedings against a debtor before the
end of the 3 year period.
In terms of Section 12 of the Act, the 3 year prescription
period is calculated, and begins to run, from the date on which the
"debt" becomes "due". A "debt" in
terms of the Act is only deemed to be due when a creditor has
"knowledge" of both the identity of the debtor as well as
of all the facts from which the "debt" arises.
