El blog de Maria

 A Court Decission from the Higher Justice Court in Navarre, dated the 22nd of December 2008, is clear and categorical when explaining some liabilities of the finantial institutions by virtue of Law 57/68. The value of this Court Decission is equivalent to the National Supreme Court´s.

This Case Law says that the finantial entity is under the obligation of keeping a good development of the guaranteeing relationship, which is, the same as saying that Banks are the ultimate guardians of Law 57/68.

It is very good to have this Court Decission already in place due to the level ( first) of the Court which has issued it.  The text also mentions important things such as that the guarantee, which always need to be interpreted to the best protection of the buyer, cover all  paid amounts the buyer can prove

For cases where Guarantees never existed, it is clear that it is also the Bank who is risponsable, according to the very clear provision 1.2 in fine: “ For the opening of these accounts, Banks or Saving Banks, will request, under their responsability, the guarantees established in previous condition”

Roofs in San Roque (Cádiz) by RaMaOrLi at Flickr.com