What happens to existing BG claims when a Bank is taken over

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03 Apr 2012 00:00 by ads Star rating. 4022 posts Send private message

Maria,

I wonder if you can advise what happens to existing BG claims (Generic or ordinary) when the Bank  concerned is taken over by another Bank, before the claim is resolved. Does the existing claim still stand or might the client be compromised in some way?





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13 Apr 2012 12:19 by ads Star rating. 4022 posts Send private message

Maria,

I would be grateful if you could advise on this issue please (see below).

I'm wondering if a Bank takeover could result in the Bank writing off previous debts of this nature (outstanding BG claims against the original Bank), or if they could make the premise that they were not responsible to make good the previous Bank's actions, where for instance fraud has occurred? Will the consumer be protected from these two scenarios, according to existing law? Can a Bank takeover compromise consumer rights?

Many thanks.

 


This message was last edited by ads on 13/04/2012.



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13 Apr 2012 17:01 by mariadecastro Star rating in Algeciras (Cadiz). 9330 posts Send private message

Legal Questions? Speak to Maria Direct

 New Bank receives all rights and OBLIGATIONS. So the new Bank will be the liable one

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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