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MORE GOOD NEWS TODAY FOR HDT BUYERS

I have just found out that Banco Pastor also signed a generic  guarantee with Herrada del Tollo, so Banco Pastor is also liable. I still don’t know which the conditions & terms of the generic guarantee are, but I am sure that they will be similar to the one signed with San Jose Inversiones (no mention to the resort or properties covered by the guarantee, and with a "limit" amount).
This means that the low cost class action will be brought against both, SGR & Banco Pastor. Previously, a Preliminary Enquire will be filed to request through the Court the original, or the authoirzed copies, of the generic guarantee.
Should you have any questions, please do not hesitate to contact me.

WHAT'S A GENERIC BANK GUARANTEE AND HOW AFFECTS TO THE DEPOSITS PAID TO HDT?

A generic bank guarantee is an agreement signed between the Bank and the Developer, in which the Bank agrees to deliver bank guarantees for the deposits paid to the builder, and the developer accepts to refund the Bank the amounts covered by the guarantees if he breaches the contracts. The generic guarantee can specify which development (or phases of a development)are covered, or even settle a limit for the amount of deposits covered. So basically is a document where the Bank commits to give a bank guarantee for every deposit paid to the developer by buyers. This means that no individual guarantees are given unless a generic guarantees has been previously signed between the builder and the Bank. It seems that the generic guarantees signed between HDT and SGR doesn’t include any reference about which developments are covered, the guarantee is extended to any deposit pay for any resort. You have to bear in mind that SGR provided guarantees for several buyers of HDT in Santa Ana, whose co…