27 Apr 2012 13:32:

 CLASS ACTION AGAINST CAM BANK TO RECOVER DEPOSITS FOR ROYAL DREAMS OF ALBUDEITE (SOLERA EL TRAMPOLIN) 

 

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19 August 2011:


For those who are considering to purchase a brand new property.....don't forget to request your bank guarantee!!!!
http://www.elmundo.es/elmundo/2011/08/19/espana/1313754842.html


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17 Aug 2011 14:22:

Hi Peter,

I really dont understand why your solicitor just claimed part of the deposit, because under the provisions of a generic guarantee and the law 57/68 the bank is responsible for the whole deposit, no matter the account the deposits were paid into, because when the bank signs the generic guarantee assumes the risk of the development, as long as knows (or could know) its circunstances. Both banks, Santander and Valencia, signed a generic guaranteed with 3 Molinos anyway. Both are responsible then. I thing you should email me privately the details of your purchase because this posts can't be used for individual advice.

Regards,

GUADALUPE

This message was last edited by Guadalupe. Lawyer on 17/08/2011.

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22 Jul 2011 14:40:

 Dear Ads,

 

it is important to provide evidences that the payment was credited into a developer's bank account. Any bank can provide their customers with a certificate about the accoun'ts holder (and even Bank's name) in which the cheque has been credited. 

 

Regards,

 

Guadalupe

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22 Jul 2011 11:27:

  Dear Keith,

I represented two clients who filed a claim against a Bank under the provisions of a Generic Guarantee, but there was no sentence because just before the trial the Bank offered an out of court settlement to my clients, who decided to take it. So I can't provide you any sentence about it. But I am currently dealing with several generic guarantees' cases, so as soon as a sentence is issued, I will report it to everybody in the forum.

There are several sentences from Magistrates' courts about generic guarantees anyway. On those rulings Banks are sentenced to refund the deposit to buyers who did not hold an individual bank guarantee.

Regarding the 3rd question, my opinion is that money should have been paid to the builder, or to someone expressly authorised by the builder to get it (Agents). It is not relevant if the account into which the deposit is paid is openned in the same bank who signed with the builder the generic guarantee or in a different one, because the Spanish High Court has sentenced several times that to make sure that money is paid into the "special account" is not the buyer's duty, it's the builders duty, and the Bank who who has signed a generic guarantee should control it.

Just think about something: when a generic guarantee is signed, some purchasers receive an individual guarantee, but the majority don't. But some of the lucky buyers who have it, did not pay the deposit into the "special account" or even pay it to other Bank. But the bank guarantee is given to them anyway.

So when the bank face the claim under the provisions of the generic guarantee, to use the lack of payment into the special account as a reason to be opposite to the claim is a bad argument, as long as that Bank provided before individual guarantees to buyers whose deposit wasn't pay into the special account or even were paid to other Banks.

In other cases, the generic guarantee is signed after the signature of the purchase contracts and the payment of the deposits. So when Bank signs, assume the risk of the development and the consequences...

 

Hope it helps!!

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