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Mostrando entradas de noviembre, 2013

GM LEGAL EXPERTS WON CASE / CASO GANADO POR GM LEGAL EXPERTS

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ROYAL SUITES OF MARBELLA: MADRID MAGISTRATES' COURT RULES THAT BANK GUARANTEES ARE ENFORCEABLE, DESPITE PURCHASE CONTRACT WASN'T CANCELLED. EXPIRATION DATES ON GUARANTEES ARE NOT ENFORCEABLE AGAINST PURCHASERS
Caja Granada (now BMN) has always rejected settlements with purchasers of the Royal Suites of Marbella development (built by Irish Developments in Benahavis), because the bank cancelled the guarantees at the expiration date (2006), and the purchase contracts were not cancelled (although purchasers held several meetings with developers' representatives to recover their deposits). 
Therefore, purchasers were forced to start proceedings and sue BMN, and unfortunately some of them had to deal with Judges in First Instance Court who still understand that expiration dates on bank guarantees are valid and enforceable against the purchaser.
But the Magistrates' Court from Madrid has just put things right, and ruled that the bank guarantees issued by Caja Granada for Royal S…

JUDICIARY NEWS / NOVEDADES JURISPRUDENCIALES

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THE ALICANTE MAGISTRATES' COURT SENTENCES AGAIN BANKS TO REFUND DEPOSITS OF SANTA ANA DEL MONTE UNDER THE PROVISIONS OF GENERIC BANK GUARANTEE, THIS TIME TO THE THREE BANKS!
These are excellent news for the purchasers of Santa Ana del Monte. You probably already know that is not the first time that Alicante Magistrates Court sentences Banks to refund deposits to Santa Ana del Monte puchasers under the provisions of the generic bank guarantee, but it is the first one that sentences the three Banks (SGR, BBVA and Banco Pastor) to meet the payment jointly.
This ruling resolves some controversy about the involvement and liability of Banco Pastor, as some first instance courts (just a minority) were still sentencing that the generic bank guarantee of Banco Pastor was not made to cover purchasers' deposits of Santa Ana. The Alicante Magistrates' Court states that, as long as Banco Pastor issued some individual bank guarantees for purchasers of Santa Ana, the Bank is going against …