El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.
www.costaluzlawyers.es

Legal tip 315. Banks need to honour photocopies of Bank Guarantees
15 July 2010 @ 07:43

As expressly stated in the year2008 Memo of the Bank of Spain´s Claims service, if the client just holds a photocopy of the Bank Guarantee but renounces to all rights attached to the original copy of same, the financial entity needs to honour the Guarantee.

A straight claim before the Bank clients´defensor and Bank of Spain claims service will finally work for sure if your branch does not want to give value to your photocopy.

We obtained a refund from a Caja ( and a tough one!) just by using these arguments last week.

Cheers from Algeciras,

Maria

Gibraltar from Sotogrande beach by jdolan at Flickr.com

Permalink

3 Comments

Keith - FINCA PARCS ACTION GROUP said:
15 July 2010 @ 11:15

Fantastic Maria - this is just another excuse and delaying tactic that the banks use to avoid giving a refund.

These Banks think they can operate outside and above the Law - they are the lawless ones!!

I wonder who the very tough Caja was!!

Kind regards

Keith

Sandra said:
15 July 2010 @ 12:30

Another great but 'hard won' result Maria.
It seems that every piece of related legislation,case law and Bank of Spain memo must be scoured to find the exact circumstance that applies to an individual case. Then the banks will capitulate and do the right thing.
I guess the banks know that ALL lawyers are not up to the task and in many cases they are assured of a favourable outcome.
They haven't reckoned on the force that is Maria and her team at CostaLuz lawyers. Well Done!!

MAria said:
15 July 2010 @ 12:32

Thanks Keith and Sandra, you are making my day today! Yes, we try hard, very hard, every day and every minute.
Thanks again,
Maria