Two more class action brought by several El Pinet, Playa Golf & Santa Ana del Monte's buyers (San José Inversiones & Proyectos Urbanísticos Group), represented by GM LEGAL EXPERTS, have been accepted by the Courts in Alicante & Valencia, and Banks have been sentenced to refund them deposits, and also to pay them legal interest from the payment to the developer, and legal cost.
Courts accept that 57/68 applies even when no individual bank guarantees are given, and call banks liable under two provisions:
1.- The generic bank guarantee: these agreement signed between banks and developers cover every deposit paid as per the contract, because the lack of individual bank guarantee isn't enforceable against the buyers.
2.- As custodians of the money, given that the law states that banks which accept to receive deposits from buyers into accounts opened in the name of developers should request individual bank guarantees under their own liability.
If you have found yourself stuck in a failed property development, please do not hesitate to contact us, because you could be entitled to a refund of your money.