I am Carlos Maceda de Olives, Spanish lawyer, of the Bar Association of the Balearic Islands, and I am pleased to report (the understanding that can be of your interest) I have had involvement in recovery action against the Banco Popular successfully. I chose not to claim against Proyectos y Desarrollos Urfesan, Peinsa because there was no guarantee of solvency. We claim on the bank guarantee amounting to EUR 75,788.10 EUR 14,924.02 principal and legal interest and we have been granted. It has already been paid and delivered to our customers. At first the judge refused to grant the approval because it expired the guarantee and we were claiming more (78,788) of what appeared in the guarantee (75,788). After resorting, Madrid High Court has given us the reason. Now I am aware of a new appeal because again the judge did not accept the difference of $ 3,000 for being an amount that was not in the guarantee. I understand that neither the term nor the amount of the guarantee higher can avoid the mandatory application of Spanish law, because is an internal agreement between the bank and the developer.
** EDITED - Advertising - Against forum rules **
By the way, I think it would be possibilities of claiming against the Bank even if there is no guarantee, if the amounts has been deposited in the special account of the promoter as the bank is obliged to ask the promoter guarantees for the repayment of the amounts paid on account of the home purchase.
This message was last edited by eos_moderators on 02/07/2013.
This message was last edited by eos_moderators on 02/07/2013.