We are delighted to share with you this extraordinary new: our legal team, led by Guadalupe Sánchez, just won a High Court appeal that confirms the precedent set in September 2015 about the liability assumed by Banks and Insurance companies who signed generic bank guarantee with developers to cover the refund of deposits when properties are not completed within the purchase contract's deadline. 

As you probably remember, one year ago Spanish High Court decided that generic bank guarantees signed by different banks with Herrada del Tollo were enforceable, but those banks have been trying to amend that legal precedent since then, arguing that no info about those guarantees was given to plaintiffs, or that liability just arises when there is an individual bank guarantee or the bank has been the depositary of the down payments. However, High Court has refused banks' arguments to challenge our appeal (an the precedent). In addition, High Court has take the opportunity to clarify a legal issue that was creating some controversial in Courts: the applicable interest. For High Court, interest to be paid by banks should be calculated from the payment of deposits to the developer (instead of from the claim or the termination of the purchase contract, as banks were claiming).

This means that there are already two High Court judgements for the same matter of discussion, which is an important achievement because clarifies the legal issues that Banks were using to challenge the first precedent, and cleans the road for other purchasers (in Santa Ana and other resorts) to get their savings back and start again.

Please do not hesitate to contact us and explain us your case.