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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.

THANK YOU
17 June 2012 @ 02:22

Thanks to all who those have sent congratulatory messages to the Finca Parcs Action Group via Facebook, Email, Eye on Spain and the EOS Ley 57/1968 blog page.

I have been overwhelmed by all the messages of support - and I have been struggling to keep up with all the work in the last few days!!

Our fight is not yet over - we are realistic - there may well be an appeal from the Bank and/or Developer.  But we could not have had a better result from the First Instance Court - it was a very strong Judgment.

We hope that our success will help other people with Bank Guarantee issues on other Off-Plan developments in Spain.

Lets hope that many other Lawyers now see that the Courts do recognise that in certain circumstances Banks do have liabilities and obligations according to LEY 57/1968. It is of little use just winning a case against a developer who is bankrupt, has asset stripped or is in Administration - in most cases this will not result in a return of your money as it will be almost impossible to enforce the Judgment.

If you have a strong case with evidence to back it up then file a joint Lawsuit against the Developer and Bank.
 
As we have shown the Banks do have liabilities and obligations according to LEY 57/1968.

Good Luck and Kind regards,

Keith


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