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Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

This blog is for all those Off-Plan property purchasers in Spain who have not received Bank Guarantees for their deposit funds as required by Spanish Law, in particular LEY 57/68 Article 1.1 and 1.2 and are now at risk of losing their money.

In addition many purchasers who did receive Bank Guarantees are now finding that the Spanish Banks are refusing to honour them without legal action being taken by the purchaser.

FINCA PARCS ACTION GROUP - APPEAL COURT DECISION DUE IN MARCH 2013
12 October 2012

PRESS / MEDIA RELEASE - FOR IMMEDIATE RELEASE – 10 OCTOBER 2012

 

FINCA PARCS ACTION GROUP vs CAJA DE AHORROS DEL MEDITERRÁNEO (CAM BANK) & SPANISH DEVELOPER, CLEYTON GES SL

APPEAL COURT DECISION DUE IN MARCH 2013

FINCA PARCS ACTION GROUP – TIMELINE OF THE LEGAL ACTION

  2006 - No legally required Bank Guarantees for Off-Plan deposits totalling 1.5 million
    Euros
  February 2011 - Lawsuit against CAM Bank & developer Cleyton GES SL filed to Court

  12 January 2012 - First Instance Court Preliminary Hearing
  21 & 22 May 2012 - Trial held in First Instance Court - Hellín

  8 June 2012 - Judgment released in favour of Finca Parcs Action Group
  CAM Bank and Cleyton GES SL sentenced to return deposits amounting to almost 1.5   
    million Euros to the buyers with the addition of legal interest and costs
  July 2012 - CAM Bank appeals the First Instance Court Judgment
  July 2012 - Finca Parcs Action Group submits Opposition to the CAM Appeal
  July 2012 - Finca Parcs Action Group file Provisional Enforcement Order to the Court
  August 2012 – CAM Bank pays full amount of deposits plus legal interest and costs
    to the Court
  Appeal to be heard by the Albacete Appeal Court
  Appeal to be decided on 4 March 2013
  Appeal decision will be announced by the end of March 2013

APPEAL BY CAM BANK

 

Following the Finca Parcs trial in May of this year involving 47 buyers at the Las Higuericas Finca Parcs development near Murcia, Spanish property developer Cleyton GES SL and CAM Bank (now SabadellCAM) were sentenced jointly and severally by the First Instance Court to repay in full the off-plan deposits paid by members of the Finca Parcs Action Group plus interest and costs.  Cleyton GES SL did not appeal the First Instance Court Judgment; however CAM Bank did Appeal.

DATE ANNOUNCED FOR APPEAL DECISION

Finca Parcs Action Group filed their Opposition to the CAM Bank Appeal and the Appeal was admitted into the Albacete Appeal Court on 3 September 2012.

4 March 2013 is the date that has recently been announced by the Court as the day that the Appeal Court Magistrates will make their decision.  The decision will be notified to all parties by the end of March 2013.

Coordinator of the Finca Parcs Action Group, Keith Rule explains;

“Three magistrates from the Albacete Appeal Court have been appointed to this case and will preside over the Appeal.  They will make their decision on 4 March 2013.  The decision will be released and notified to all parties by the end of March 2013 at the latest”.

CONFIDENCE

Keith says that both he and their legal team are very confident that the appeal court will dismiss CAM’s appeal and uphold the First Instance Court sentence in full.

He says;

“We have a very strong First Instance Sentence and our opposition to CAM’s Appeal included a significant amount of Case Law on the issue of banks liabilities according to Spanish Law, LEY 57/1968”


Jaime de Castro, Lawyer for the Finca Parcs Action Group comments;

“The most important steps have been taken and I have confidence that we will win primarily by the strength of the First Instance judgment and due to the number of favourable case law examples that already exist today which outline the responsibilities and obligations of the banks with respect to buyers who have large sums of money at risk on these off-plan purchases, all in accordance with Law 57/68”

 

Maria de Castro, Director of Costa Luz Lawyers, one of the two legal teams that have been working on this and other similar cases over the past 4 years adds;

"We are confident that the correct and accurate interpretation of Law 57/68 by the courts will be of interest to many people and families who bought off plan and are currently affected by similar problems. We look forward to the Albacete Appeal Court Judgment due next March”.


Despite its actions being described by the Judge as ‘banking malpractice’ CAM Bank continues to maintain that it is not responsible for the situation and that all irregular actions and illegalities were committed only by the developer.

APPEAL DECISION EAGERLY AWAITED BY OTHER OFF-PLAN VICTIMS

Other buyers of off-plan property in Spain who were not issued with the legally required bank guarantees to protect their deposits are awaiting the outcome of this case with interest as an Appeal Court decision can be used as a Case Law precedent in other similar cases.

Keith says;

 

“There is great interest in our Finca Parcs case from thousands of other off-plan buyers who did not receive the legally required Bank Guarantees many of whom have their life savings at risk.  We have always believed that according to LEY 57/1968 banks have a liability in these types of cases.  We have worked tirelessly since 2008 to highlight this issue in the media and amongst buyers of off-plan properties in Spain.  As a result we are seeing successful judgments against Banks in other similar cases as victims of Bank Guarantee abuse begin to benefit from sentences now being released by many Courts.

Keith concludes;

“We are confident that in March our landmark First Instance Sentence against CAM Bank will be upheld in full by the Albacete Appeal Court   



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FINCA PARCS GRUPO DE ACCIÓN - LA SENTENCIA DE APELACIÓN SE DICTARÁN EN MARZO DE 2013
12 October 2012

NOTA DE PRENSA – PARA PUBLICACIÓN INMEDIATA – 10 OCTOBER 2012

 

GRUPO DE AFECTADOS FINCA PARCS vs CAJA DE AHORROS DEL MEDITERRÁNEO (CAM BANK) & PROMOTOR ESPAÑOL, CLEYTON GES SL

LA SENTENCIA DE APELACIÓN SE DICTARÁN EN MARZO DE 2013

 

GRUPO DE ACCIÓN FINCA PARCS – CRONOLOGÍA DE LA ACCIÓN LEGAL

 

* No se emitieron las garantías que la Ley establece en un total de 1.5 millones de Euros
  La demanda contra la CAM y la promotora Cleyton Ges SL se interpuso en Febrero de 2011

  La Audiencia Previa se celebró el 12 de Enero de 2012
  El juicio se celebró los días 21 y 22 de Mayo de  2012

  La Sentencia a favor de Finca Parcs Grupo de Acción se dictó el viernes 8 de Junio de 2012
  CAM y Cleyton GES SL  deben devolver cantidades que suman 1,5 millones de euros más intereses y costas.

  Julio de 2012 -  La CAM apela la Sentencia de Primera Instancia
  Julio de 2012 -  El grupo de acción Finca Parcs se opone a la apelación de la CAM
  Julio de 2012-  El grupo de acción Finca Parcs  insta la ejecución provisional de la Sentencia
  Agosto de 2012 – La CAM consigna el total de las cantidades más los intereses más las costas en el Juzgado
 La apelación se decidirá en la Audiencia Provincial de Albacete

* La audiencia provincial de Albacete se reúne para deliberación, votación y fallo el 4 de Marzo de 2013

* La sentencia de apelación se emitirá a finales de Marzo de 2013



APELACIÓN POR LA CAM

 

Después del juicio que se celebró en Mayo de este año en el que actuaron como demandantes 47 compradores de la promoción Las Higuericas Finca Parcs, cerca de Murcia, tanto la promotora CLEYTON GES SL como la CAM (ahora Sabadell CAM) fueron condenados a la devolución del total de las cantidades entregadas a cuenta por los miembros del grupo de acción Finca Parcs  (FPAG) más intereses y costas. Cleyton GES SL no apeló la Sentencia de Primera Instancia; a diferencia de la CAM, que sí apeló.

 
FECHA PARA APELACIÓN

FPAG presentó su oposición al recurso de apelación de la CAM y la oposición se admitió por la Audiencia Provincial de Albacete el 3 de Septiembre de 2012.


Recientemente, se ha anunciado por la Audiencia que la fecha para deliberación, votación y fallo en el asunto de referencia es el 4 de Marzo de 2013. La Sentencia se notificará a todas las partes a finales de Marzo de 2013.


El coordinador del Grupo de Acción Finca Parcs explica:


“Tres magistrados de la Audiencia Provincial de Albacete se encargarán de deliberar, votar y fallar el caso. La fecha para ello es el próximo 4 de Marzo de 2013. La Sentencia se notificará a todas las partes antes del fin del mismo mes de Marzo 2013”

 

CONFIANZA

Keith manifiesta que tanto él como el equipo jurídico que le asesora tienen plena confianza en que la Audiencia rechazará los motivos de apelación de la CAM y confirmará la Sentencia de Primera Instancia en su totalidad.

Comenta Rule:

“Tenemos una Sentencia de Primera Instancia muy contundente y la oposición a la apelación que presentamos incluía asimismo una cantidad importante de referencias jurisprudenciales que avalan la responsabilidad de los Bancos en estos temas de acuerdo con la Ley 57/68”

 

Jaime de Castro, Abogado del FPAG, comentó:

“ Los pasos más importantes han sido dados y tengo confianza en que ganaremos principalmente por la solidez de la Sentencia de primera instancia y la cantidad de jurisprudencia favorable que ya existe a día de hoy en las que se destaca las responsabilidades y obligaciones de los Bancos respecto de la existencia de las debidas garantías al comprador que arriesga grandes sumas de dinero en estas compras sobre plano, todo de acuerdo con la Ley 57/68” 

 

María de Castro, Director de Costa Luz Lawyers, uno de los dos despachos de abogados que llevan años trabajando juntos en este y otros casos similares durante los últimos cuatro años añade:


"Estamos seguros de que la correcta y precisa interpretación de la Ley 57/68 por parte de los tribunales será del interés de muchas personas y familias que compraron sobre plano y que en la actualidad están afectados por problemas muy similares.
Esperamos con mucho interés la Sentencia de Apelación que saldrá en Marzo próximo”

 

A pesar de que la actuación de la CAM fue descrita por la Juez de Primera Instancia como de “mala práctica bancaria”, la CAM sigue manteniendo que no es responsable de la situación y de las ilegalidades e irregularidades cometidas solo por el promotor”

 

OTRAS MUCHOS COMPRADORES AFECTADOS POR EL MISMO PROBLEMA ESPERAN LA SENTENCIA CON GRAN EXPECTACIÓN

Otros muchos compradores de viviendas sobre plano a quienes no se le emitieron las debidas garantías a fin de proteger las cantidades que entregaron a cuenta esperan con mucho interés el fallo de la Audiencia Provincial de Albacete ya que supondría un precedente muy interesante para la defensa de sus propios casos:

 

En este sentido Keith manifestó:

 

“Nuestro caso es objeto de gran interés por parte de miles de compradores sobre plano que no recibieron las garantías que establece la ley 57/68 en protección de cantidades que, en muchos casos, suponen el ahorro de toda una vida. Siempre hemos creído y defendido que según la Ley 57/68 los bancos son responsables en este tipo de casos. Hemos trabajado sin descanso desde 2008 a fin de hacer valer esta postura frente a medios de comunicación y entre miles de compradores sobre plano en España. Como resultado de todo ello, tenemos la gran satisfacción de  ver  cada vez más Sentencias fallando en contra de los Bancos en estos bancos y a favor de estas personas afectadas”

 

Como conclusión Keith añadió:

 

“Tenemos mucha confianza que en Marzo nuestra Sentencia de Primera Instancia, que constituye un hito en este tipo de casos, será confirmada plenamente por la Audiencia Provincial de Albacete”


 

 



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LAS HIGUERICAS FINCA PARCS - BUYER WINS AGAINST CAM BANK IN MURCIA APPEAL COURT
12 October 2012

A buyer at Las Higuericas, Finca Parcs has won an individual case against CAM Bank in the Appeal Court in Murcia.

I am extremely pleased for the buyer involved whose Lawsuit was filed in 2010 because on 18 May 2011 in the First Instance Court they won against Cleyton GES but most significantly they lost against CAM Bank. Their Lawyer then submitted a very good appeal and on 27 September 2012 the
Murcia Appeal Court accepted the appeal and revoked the First Instance Court decision which had originally absolved CAM Bank of any liability.

Therefore CAM Bank must now refund the deposit to the buyer.

The buyer in this case did have a Bank Guarantee for the first instalment of their deposit but not for the second instalment. So this is slightly different to the majority of our group members who never received the legally required Bank Guarantees for any part of their deposit. In fact out of the 47 group members in our first group Lawsuit only 2 had received Bank Guarantees for part of their deposit payment.

In our second group Lawsuit we currently have 21 group members and 2 of those had Bank Guarantees for part of their deposit payment. So we have 64 of us who never received Bank Guarantees for any part of our deposit payment.

However, this decision dated 27 September 2012 from the Murcia Appeal Court Section 1 is still very significant. It is an
Appeal Court decision and is Case Law. So this will certainly be considered by the Albacete Appeal Court Magistrates when they make their decision on the CAM Bank appeal in our group Lawsuit 1 case on 4 March 2013. It will also be of great benefit to our group Lawsuit 2 and to any Finca Parcs buyers represented by other Law Firms.

As you know, since 2008 I have always been of the opinion that the banks had a liability according to Spanish Law, LEY 57/1968, in particular Article 1.2. In fact when I first wrote to CAM Bank in 2008 I made exactly those points to them. Unfortunately at that time there were no Lawyers who agreed with my views. But 4 years on it is a very different situation and the legal opinion has changed and more importantly so has the legal interpretation of LEY 57/1968 by Judges and Magistrates.

I am elated at this decision against CAM Bank from the
Murcia Appeal Court
. Firstly it is absolutely fantastic news for the buyer concerned as their Finca Parcs nightmare is almost over…….they just have to wait for CAM comply with the Appeal Court decision and release the funds.

And……for those of us still seeking justice in the Finca Parcs nightmare this decision can only help us all.
It is also Case Law that can be used in other similar cases.

Many congratulations to the buyer involved and congratulations to Fuster & Associates!

Keith
FINCA PARCS ACTION GROUP



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