Prescription of a debt or a claim is unknown in customary law. Evaluate this statement.
Prescription refers to when a debt for example an obligation to pay money is extinguished after a period of time. Customary law refers to law consisting of customs that are accepted as legal requirements or obligatory rules of conduct, practices, and beliefs that are so vital and intrinsic a part of a social and economic system that they are treated as if they were laws. South Africa has different laws which specify prescription periods, for example, the Prescription Act says that contractual and delictual debts extinguish after three years from the date when it became payable (due). Prescription periods may, in certain circumstances, be delayed or interrupted.