GM LEGAL EXPERTS WINS IMPORTANT NEW CASE AT HIGH COURT

We are proud to announce that our head lawyer, Guadalupe Sánchez, has just won a new important case at High Court. The issued discused on the case was if banks who signed generic bank guarantees with builders should be call liable just for those deposits paid into accounts opened by developers in the same entity or should instead facing the payment of the whole amount paid to builder specified on purchase contract, no matter the bank account.

On this important judgement Spanish High Court sets a difference between bank's liability as depositary and bank's liability as joint guarantoor.

Basically, the Court has established that Banks who didn't signed banks guarantees should be claimed liable just when money was paid into an account opened in that specific entity, because it was the only way for the bank to acknowledge the payment. However, if the bank signed a generic bank guarantee with the builder (a contract where bank commits to produce the individual bank guarantees), must be called liable for the whole deposit paid, no matter the way of payment (even cash), as long as money claimed in established on purchase contract.

This is the end of a legal debate that has divided civil courts for several years and brings some hope to those buyer who paid deposits in cash: if there is a generic bank guarantee in place, way of payment isn't relevant to get moneys back.

You can read, print or download the judgement here.

Should you have any questions, please contact us on info@gmlegalexperts.com 

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