Legal Question in Banking Law in South Africa

To whom it may concern.
I just need to know the law regarding the following.
I am a trustee of 3 of a family trust.
We took out a bond on the trust property in 2001.
In 2002 the full amount was paid back to bank ( bond account was not closed )
In 2007 a further advance was taken on the property.
I had no knowledge of this ,since I did not sign for any further advance.
The property has subsequently been auctioned for none payment.
I've requested all relevant documentation regarding the further advance.
The bank informed me that they cannot trace the docs in their archives.
Q.Did the bank not need all 3 signatures to approve the advance and release the funds?
Q.Is it not the bank's responsibility to ensure that they receive all legal and (current,at that time ) documentations from all the trustees?
Q.Should the trust not have shown prooff of income to qualify and service the bond? The trust in itself was dormaint in 2007.
Q.Do I have any recourse to fight the Sale in Execution.I trust you will be able to answer my questions
Kind Regards

Asked on 4/02/12, 3:57 am

Sam Jackson

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0 attorneys agreed

Thank you for your question. Unfortunately, I cannot answer it for the price quoted. Kindly reconsider your offer.

Yours faithfully,

Answered on 4/05/12, 12:09 pm

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