09 May 2010
Legal tip 270.Campaign to pressure on Banks and Savings Banks
Posted at 08:42 Permalink Comments (0)
What about a campaign for putting pressure on Financial Institutions to pay off in those cases where they failed to secure on the existence of Bank Guarantees/Insurance policies for off-plan buyers?
When a Bank Guarantee was not produced for the buyer, the only resort os to go against the developer: this is resulting in very costly and long judicial procedures with a big battle at the end, in order to enforce a Court Decission and obtain the funds back. Many developers are now very short of funds in Spain.
If Banks where your money was deposited can show they made all possible for the existence of the Bank Guaranteess, then, just conveyancers and developers will be liable for the missing of it.
But if they cannot prove it, they are liable.
Someone needs to respond for this disaster and the first ones to ask about are Financial Institutions: Banks were officially and legally entrusted by Law 57/68 to custody off plan purchasers´funds.
A big battle and a reunion of efforts is needed here, we are concerned they were long-life savings for many of you.
Who is joining o us regarding this? Before starting the judicial battle, we are sending a communication to Bank of Spain in order to have them issuing an express statement on liabilities of Banks on this particular point: please email us if you are in that situation so we can join your name to the efforts.
Our email address is firstname.lastname@example.org and please write Bank´s liabilities as the subject of the email.