Ikea Trading und Design AG v BOE Bank Ltd, an important case in South African property law, was decided in the Supreme Court of Appeal on 1 April 2004.

BOE Bank applied to the High Court of South Africa for an order declaring that the liquidation and distribution account in respect of Woodlam had to be redrawn so as to reflect its preference by virtue of the notarial bond.

The High Court's Eastern Cape Division ruled in favour of BOE Bank, declaring that Ikea's bond did not render the relevant assets "readily recognisable".

It was clear to the court that, without reference to extrinsic evidence – such as invoices, other documents, or the intervention of a witness – the relevant items could not be identified as those listed in Ikea's bond.

[2] The court held further that, in the instant case, the items enumerated in the bond had not been specified and described in the manner required by the Security by Means of Movable Property Act.