Prescription.

Many people lose out on claims they have due to prescription.

What is prescription. Prescription is the time allowed for a debt to remain current or for the question of ownership of property to remain uncertain. It is therefore the time allowed for a matter to be brought before court- whether it is to stake claim to land that has been occupied by others or to claim a debt that is owing by virtue of damages incurred or some other wrongdoing. The rationale behind the concept of prescription is, off course certainty and the practical concept that evidence becomes harder to provide as time passes.

What is the period of prescription in respect of debts:

Periods of prescription of debts The periods of prescription of debts are the following:

thirty years in respect of -

any debt secured by mortgage bond;
any judgment debt;
any debt in respect of any taxation imposed or levied by or under any law;
any debt owed to the State in respect of any share of the profits, royalties or any similar consideration payable in respect of the right to mine minerals or other substances;

fifteen years in respect of any debt owed to the State and arising out of an advance or loan of money or a sale or lease of land by the State to the debtor, unless ;
six years in respect of a debt arising from a bill of exchange or other negotiable instrument or from a notarial contract, unless a longer period applies in respect of the debt in question in terms of other provisions;
three years in respect of any other debt unless legislation provides otherwise. When the State is the debtor. (2) A notice must be served on the organ of state within six months from the date on which the debt became due, notice must be served’ on an organ of state by delivering it by hand or by sending it by certified mail or, subject , by sending it by electronic mail or by transmitting it by facsimile. If a notice has been sent by electronic mail or transmitted by facsimile the creditor must-
1. take all reasonable steps to w ensure that the notice has been received by the officer or person to whom it was so sent or transmitted; ; and
2. within seven days after the date upon which that notice was so sent or transmitted, deliver by hand or send by certified mail a certified copy of that notice to the relevant officer which must be accompanied by an affidavit by the creditor or the person who sent or transmitted the notice:
1. indicating the date on which and the time at which, and the electronic mail address or facsimile number to which, the notice was so sent or transmitted;
2. containing any proof that it was sent or transmitted;
3. setting out the steps taken to ensure that the notice has been received by the officer or person to whom it was so sent or transmitted; ; and
4. indicating whether confirmation of the receipt of the notice has been obtained and, if applicable, the name of the officer or person who has given that confirmation.
  How may prescription be interrupted.
  Most importantly prescription is interrupted if the debtor acknowledges the debt and the debt starts to run afresh from the day on which the debt is acknowledge . Acknowledgment may be express or tacit - meaning that the debtor may acknowledge the debt by some form of action eg: paying off part of the debt. For matters of proof acquiring this acknowledgement in writing is preferable. Therefore a letter of demand should always be sent and any acknowledgement recorded in writing. Prescription is also interrupted by the service on the debtor of any process whereby the creditor claims payment of the debt. Here the following must be present:
5. The debtor must acknowledge debt or
6. The creditor must prosecute the claim to judgement.
7. The creditor must not abandon the judgement
8. The judgement must not be set aside.