Another judgement from Valencia Court that sentences Bankia to refund deposit to buyers of the Residencial Secuoya (Joel Homes, Cuevas del Almanzora) although no individual bank guarantee was given.
Buyers paid deposits to the Bankia account specified on purchase contract, and were told by the developer that individual bank guarantees will be released by the Bank. Bankia was also the Bank which was financing the development.
But properties weren't built in time and Bank refused to meet the payment saying that payment wasn't made into the special account and individual bank guarantee wasn't in place.
Court understands that, as long as the lack of payment into the special account is not enforceable against buyers, Bankia should have released the individual bank guarantee. But buyers are entitled to sue Bankia even without the individual bank guarantee, because generic bank guarantee covers every deposit,.
Therefore, Bankia has been sentenced to pay deposit, plus legal interest and legal cost to our customers.