Legal tip 315. Banks need to honour photocopies of Bank Guarantees
Thursday, July 15, 2010 @ 9:43 AM
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