Deposits paid by purchasers of the development Castalla International, covered by a banesto's generic guarantee

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21 Jul 2011 00:00 by Guadalupe. Lawyer Star rating. 261 posts Send private message

EOS Supporter

 The office of Banesto Bank in Orihuela signed with Castalla International (San Antonio Group) a Generic Guarantee in which the Bank commited to provide individual guarantees to the purchasers. So any purchaser whose property is not being completed in time is entitled now to claim for the refund of his deposit plus legal interest to the Bank, even without an individual bank guarantee.

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21 Jul 2011 14:55 by ads Star rating. 4022 posts Send private message

In practice how will this work? And to what timescale? Is the Bank likely to appeal or have they agreed to the principal of refund?

Is there any suggestion that this will be fast tracked through the courts?

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21 Jul 2011 15:39 by Guadalupe. Lawyer Star rating. 261 posts Send private message

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 Under the provisions of the Generic Guarantee, the Bank was supossed to provide an individual guarantee to every purchasers, because before signing the document the Banks always analyze the circumstances of the developments, so when they sing the generic guarantee contract are completely aware of the risk they are assuming.

The type of proceeding depends on the amount claimed, but as long as it is higher than 6,000 €, the appropriate proceeding is the ordinary, which has two phases: a Prior Hearing (for the evidences’ proposal) and the trial. The time scale depends basically on the competent court (some Courts are really quick, but others aren’t).

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22 Jul 2011 00:50 by MattressCleaning Star rating in FUENGIROLA. 106 posts Send private message

** EDITED - Against forum rules **

This message was last edited by EOS Team on 22/07/2011.

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