Legal tip 166. No Bank Guarantee?: action against the Bank
20 October 2009 @ 08:41
New action against the Bank in case of lack of Guarantees of Law 57/68
I had had a legal instinct for this since I started working in this type of cases , and have been trying to see, and to see, and to see and I finally saw:
If the Promoter opened a special account where they deposited the amount of your purchase off plan and the Bank did not give bank guarantees or checked out that those guarantees ( also possible through Insurance contract) existed,THE BANK IS RESPONSIBLE in accordance to provision 1.2 of said Act for the devolution of handed amounts plus legal interests if the works are not started or completed on time.
A great solution for many purchasers who lacks Bank Guarantee and a way to start building up a more risponsable financial system! It is about time to this.
Madrid, November by Martius at Flickr.com