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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.

VICTORY FOR FINCA PARCS ACTION GROUP IN THE FIRST INSTANCE COURT
09 June 2012 @ 03:07

FINCA PARCS ACTION GROUP vs CLEYTON GES SL & CAJA DE AHORROS DEL MEDITERRÁNEO

Today (Friday 8 June) we received the judgment from the First Instance Court In Hellín:

The Judge found the developer Cleyton GES SL and the Bank - Caja de Ahorros del Mediterráneo (CAM) jointly and severally liable for the repayment in full of the deposits paid (1,494,710 Euros) under the 55 Sales Contracts which were the subject of the Lawsuit, together with legal interest and costs.

This is a significant judgment as none of the buyers received the Bank Guarantees as required by Spanish Law, LEY 57/1968.

The Finca Parcs Action Group are represented by Costa Luz Lawyers and De Castro Gabinete Jurídico.  We are truly grateful for their dedication, hard work and support during the past 4 years.  Special thanks go to María de Castro - back in 2008 she was one of the only Lawyers who believed in my view that the Banks had a liability in such cases and to Jaime de Castro, our litigator, with whom I have worked very closely during the past 2 years.

We are currently studying the Judgment in more detail and further information will follow soon.

As in every First Instance Court judgment the defendants have the right of appeal.

Kind regards

Keith
FINCA PARCS ACTION GROUP



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2 Comments


Pilgrim said:
11 June 2012 @ 11:03

I beg your pardon, it is of course Keith "Rule".

I got carried away with the "finca parcs".


Keith said:
17 June 2012 @ 00:19

No problem, Pilgrim.

This has taken over my life for the past 5 years - to be honest I feel a bit like Keith Parcs - maybe I should change my name!!

Kind regards

Keith


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