Michael Tellinger | Recording court day Johannesburg | 12th of Febuary 2014
- uploaded: Mar 5, 2014
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Michael Tellinger defends himself in the Johannesburg Supreme Court against a bill of R280,000 ($28,000) for legal costs by Standard Bank - in which he defended himself against the foreclosure of his property. This case lasted for 3 years, starting in March 2011. His argument was that the bank had no right to begin action against him because they were no longer the owner of the original contract, having sold it to a third party through a process called securitisation. The original contract was never presented as evidence in court.This was simply ignored by the judge and a judgement was handed down in favour of the bank - the property was auctioned and legal costs of R280,000 were served on Michael Tellinger for legal fees of the bank. To date Michael has paid the bank with three separate promissory notes, amounting to well over R400,000, that have been delivered and accepted by the bank - creating a legal precedent for other payments in the form of promissory notes by ordinary people. Please take note that this is a legal form of payment by the bank's own admission in the court during the 3 years of hearings on this matter and also in accordance with the Bills of Exchange Act of South Africa. The payment is complete on delivery of the NOTE.
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