Confronting the Elephant of Prescription in Debt Recovery by Lincoln Majogo.

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Lending and borrowing credit are vital activities for the economy and so are transactions that create debts. In my previous articles, I have referred to the term “prescription”. This refers to the expiry of the right to claim a debt. This is to say, the time within which a creditor can claim and recover a debt. If the creditor fails to exercise this right, their claim becomes prescribed or expires subject to a few exceptions provided by the law. This short article will only deal with how the aforesaid prescription is activated.

In Zimbabwe, the prescription of debts is governed by the Prescription Act [Chapter 8:11]. There are various prescription periods for different debts these being 30 years, 15 years, 6 years, and 3 years.  There are mainly 3 ways in which prescription is initiated and these are;

·         When the debt becomes due. This is to say where there is an agreement that specifies when the debtor is obliged to pay the debt or when a creditor can demand payment. As soon as the debt becomes due, the creditor may claim this debt within 3 years failure of which the claim becomes prescribed or expires.

 

·         Upon demand. When a creditor makes a demand which can either be oral or written for the payment of their debt.

 

·         Within a reasonable time. The court in Asharia v Patel & Ors 1991(2)ZLR 276 (S) held that “The general rule is that where the time of performance has not been agreed upon by the parties, performance is due immediately on conclusion of their contract or soon thereafter as is reasonably possible in the circumstances.”

It must be emphasized that there are various exceptions to the points made above. However, these are not the subject of today’s article. It is key in an environment where people are constantly doing transactions to understand the law of prescription to better protect and assert their rights.

 

About the author

Lincoln is a registered legal practitioner, notary public, and conveyancer currently practicing in Zimbabwe. He writes in his personal capacity.

Disclaimer

The contents and suggestions contained in this article are for information purposes only and are not for the purpose of providing legal advice. If need be, you should contact the author to obtain advice with respect to any particular issue or problem aforementioned herein. Contact details: Cell +263 718832210 Email: LincMajogo1@gmail.com.

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