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Mostrando entradas de mayo, 2014

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

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COURT JUDGEMENT: BANCO POPULAR' SWAP CONTRACT DECLARED NULL AND VOID
The swap contract was offered by Banco Popular to the plaintiff after the signature of a mortgage for his property. The plaintiff believed that he was signing an insurance to prevent the increase of his mortgage interest rate, but Bank didn't provide him information about the consequences of lower interest rates.
First Instance Court from Orihuela declares that the swap contract is null and void, because the clauses are extremely complex, so it must be offered to people with the appropriate profile (investors). Our client wasn't an investor and did understand the risk of the contract, as long as no information or explanation was offered by the Bank, so his consent to the swap contract wasn't valid.
The Bank must refund now all the extra interest charged to our client as a consequence of the swap.
SENTENCIA QUE DECLARA LA NULIDAD DE UN CONTRATO SWAP.
El contrato Swap (o de intercambio de tipos de interés) s…

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

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BANKS SENTENCED TO PAY 800,000 EUROS PLUS INTERESTS TO SEVERAL PURCHASERS OF SANTA ANA DEL MONTE WHO NEVER GOT INDIVIDUAL BANK GUARANTEES, AS A RESULT OF A CLASS ACTION LAWSUIT 
SGR & BBVA have been sentenced to pay about 800,000 euros plus legal interest to several purchasers of Santa Ana del Monte (Jumilla), who joined a class action lawsuit over enforcement of generic bank guarantees, as the court understands that the lack of delivery of individual bank guarantees can't limit the purchasers' unwaivable rights established in the 57/68 Act.
However, the sentence has dismissed the claim in behalf of some buyers who arranged the cancellation after the meeting of creditors or voted in favor of the creditors' agreement, because the criteria of this specific court is that just purchasers who arranged the cancellation before or during the Bankruptcy proceeding, and didn't accept the release and payment schedule proposal, are entitled to enforce the generic bank guarantees…

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

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ANOTHER COURT RULES THAT RELEASE AND PAYMENT SCHEDULE AGREED ON MEETING OF CREDITORS' AGREEMENT DON'T APPLY TO BANK GUARANTEE
Although this is a controversial issue, every time more and more Courts are ruling that release and payment schedule accepted by the purchaser on the meeting of creditors' agreement don't apply to Bank Guarantees. Therefore the Bank must meet the total payment (legal interest included) in a single payment.
This time the ruling is against Banco Pastor (now Banco Popular), and refers to one bank guarantee given to purchasers in El Pinet (San Jose Inversiones y Proyectos Urbanísticos).
OTRO JUZGADO DECLARA QUE LA QUITA Y ESPERA ACORDADA EN SEDE CONCURSAL NO AFECTA AL AVAL BANCARIO
Aunque es cierto que nos encontramos ante una cuestión controvertida, cada vez más Juzgados están resolviendo que la adhesión por los compradores a los acuerdos de quita y espera en sede concursal no determina la novación o extinción del aval. Consecuentemente, el banco avali…

LEGAL NEWS / NOTICIAS LEGALES

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FOR THE FIRST TIME IN DEMOCRACY, MOST OF THE MAGISTRATES OF THE NATIONAL HIGH COURT AND STATE ATTORNEY, AGAINST THE AMENDMENT  OF THE "UNIVERSAL JUSTICE" ACT
Five of the six Magistrates of the National High Court and the State Attorney have hardly criticized the amendment of the "Universal Justice" Act, which was approved, as a national urgency, by the  Spanish Government. The Magistrates refuse to dismiss the cases of crimes against the humanity and genocide that they have been investigating over last the years. As a result of the new Act enforcement, more than 40 drug lords have been already released.
For the the first time in democracy the magistrates of the National High Court join forces against an Act approved by the Government.
http://politica.elpais.com/politica/2014/05/22/actualidad/1400784189_270618.html

LA MAYORIA DE MAGISTRADOS DE LA AUDIENCIA NACIONAL Y EL FISCAL GENERAL DEL ESTADO SE MUESTRAN ABIERTAMENTE CONTRARIOS A LA NUEVA LEY DE JUSTICIA UNIVERSAL. E…

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

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SUCCESSFULLY ENFORCED BANK GUARANTEE FOR "RESIDENCIAL AQUA NATURE" - MAHERSOL
The Court of Valencia didn't accept the argument put forward by the Bank, that the cancellation of the purchase contract involves the cancellation of the Bank Guarantee. Furthermore, the Court ruled that the private agreement reached by the purchaser with the developer to get just the principal paid within a few months doesn't apply to bank guarantee, so the Bank must meet the total payment (interest included) in a single payment.



EJECUTADO CON ÉXITO UN AVAL PARA EL RESIDENCIAL AQUA NATURE DE MAHERSOL
El Juzgado de Valencia rechazó la oposición del Banco relativa a que la resolución del contrato de compraventa determina la cancelación del aval. Además, el Juzgado declara que el acuerdo alcanzado por el comprador con el promotor para cobrar el principal de forma aplazada no determina la novación del aval, por lo que el Banco debe pagar la totalidad de la suma avalada (intereses incluidos) en un…