The Act – Commentary on Sections The structure of the Act
4.Sections 1 to 5 of the Act make provision in relation to the five-year prescription provided for in section 6 of the 1973 Act, as read with schedule 1 of that Act. The effect of the five-year prescription is to extinguish certain types of obligations (and rights) after a period of five years has elapsed, provided that various conditions are met. Sections 6 to 8 of the Act make provision in relation to the 20-year prescription in sections 7 and 8 of the 1973 Act. The 20-year prescription, in terms of section 7, currently extinguishes obligations 20 years after the date on which they became enforceable (other than those which are imprescriptible (obligations that cannot be extinguished by the law of prescription, such as a real right of ownership in land), in terms of schedule 3 of the 1973 Act, and those relating to reparation for personal injury/death and damage caused by defective products). The remaining sections cover miscellaneous and general matters.