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miércoles, 30 de septiembre de 2015

HIGH COURT RULING: SANTA ANA DEL MONTE GENERIC BANK GUARANTEES ARE ENFORCEABLE!


Excellent news!
Spanish High Court has just issued the sentence that confirms that generic bank guarantees for Santa Ana del Monte issued by BBVA, SGR and Banco Pastor are enforceable, no matter if individual bank guarantees weren't given or cover limits have been already reached.
Sentence confirms that 57/68 Act applies when deposits are paid and properties are not built or completed in time, so buyers are cover if there is a generic bank guarantee in place, no matter if they ever received the individual document.
High Court states also that 57/68 Act applies even when money is not paid into the special account or cover limits have been reached, because those question aren't enforceable against buyers. Basically, High Court states that is not the buyers' business to pay deposits into the right account or make sure about covers' limits, because those questions must be negotiated between banks and developers. But buyers are always covered.
This judgement brings hope to all those buyers who haven't got deposits back yet, so we do encourage buyers who haven't got money back yet to fight for it in Courts.

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