2 and half months for succesful execution of Bank Guarantee

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14 Nov 2008 00:00 by mariadecastro Star rating in Algeciras (Cadiz). 9330 posts Send private message

Legal Questions? Speak to Maria Direct

 

2 and half months for succesful execution of Bank Guarantee
Who said that Bank Guarantees cannot be executed and if executed, it will entail long and costful processes?
Just for your peace of mins and restore your faith in the judicial spanish system: 
It has taken 2 months and half for one of our clients ( we already have the money in our bank account and are transfering it to him, early next week)  and have costed him nothing as the Judge has imposed the Guarantoor to pay legal fees.


_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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14 Nov 2008 17:52 by coleen Star rating. 74 posts Send private message

That is fabulous news.  Congratulations to all involved.!  And many thanks for letting us know of a good-news story, because I think we all get rather disheartened that there is any hope.

I just wondered though, it seems as if it went through a judge.  So did it take long to get to court, or how did that work?

Thanks Marie.





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14 Nov 2008 18:35 by julie anne Star rating. 1103 posts Send private message

Brilliant Maria can you tell any more details ie was it a well known bank or insurance/financial institution .Which region . Is there any likely hood of this setting a president in other cases .Was the builder concerned in administration or still trading ,what was the reason for the claiming on the BG .Was the contract resolved through the court or by the builder before executing the BG .Any further information would be  very much appreciated .I am trying to remain hopful but don't want to be disapointed again.Once again well done  Maria we need more like you  ! JA





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15 Nov 2008 05:59 by mariadecastro Star rating in Algeciras (Cadiz). 9330 posts Send private message

Legal Questions? Speak to Maria Direct

We asked developer for refund due to delay and lack of advertised facilities. They did not admitted their breach of contract. so we executed the Bank Guarantee before the Bank and they did not honour it.

We went to Courts.. from the moment we registered our Lawsuit ( early September) to when we have received our client´s money in our clients account it has taken two and half months.

I am relucatant to say names of developers and Bank but can say that they are in Murcia region. Murcia Courts are performing excellent works at these judicial execution of Bank Guarantees.

Do not lose hopes!



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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15 Nov 2008 09:43 by coleen Star rating. 74 posts Send private message

thanks for the clarification Marie.

 

And sorry to pester you with a further question.

 

Due I understand  it then that the courts did not actually hear the case?

 

But the fact that it was registered with the courts was enough to make the bank pay up?

I wonder if there is a better hope bringing a class action against the developers?

I am now in contact with several people who have put down a deposit on the same development only for it to be delayed by 2 years.

None of our contracts have a bank guaranteee though, and since that is illegal as per the law passed in1968, surely the developer should take that into account and either let us canel the contracts or offer us a 'deal' whereby we can continue with the purchase but at a reduced rate?





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15 Nov 2008 09:51 by mariadecastro Star rating in Algeciras (Cadiz). 9330 posts Send private message

Legal Questions? Speak to Maria Direct

Courts heard the case and isued a decission  asking the Bank to pay our clients back.

Good for speedy Murcia Courts!

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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15 Nov 2008 11:15 by rosegreen Star rating. 52 posts Send private message

Dear Maria,

That is indeed good news.  Do ou remember tat I told you when the court in Malaga told the bank to repay our money within 10 days?  That was in early September.  Our lawyer informs us that hey have heard nothing from the court since and they have no option but to wait..  Is this normal?

 





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15 Nov 2008 18:54 by Tish Star rating in Surrey. 833 posts Send private message

The Bank has to pay the money into the Court. In our case we waited 6 weeks before our money was paid to our lawyer who in turn sent our money to our Spanish bank account. Why the Court holds onto it for so long is anyones guess!   





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15 Nov 2008 20:19 by mariadecastro Star rating in Algeciras (Cadiz). 9330 posts Send private message

Legal Questions? Speak to Maria Direct

Rosegreen:

Ask the Bank to  judicially inforce that payment.  Ask him/her to have delay interests included in your favour.

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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15 Nov 2008 20:54 by Just Dan Star rating. 440 posts Send private message

 

Murcia Courts.

What a fanastic way to show areas like Marbella how it should be done.

Thank you Maria news like this is so welcome and gives hope to many of us.

P.S. Can I have my case transfered to Murcia

 

Just Dan





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16 Nov 2008 18:08 by mariadecastro Star rating in Algeciras (Cadiz). 9330 posts Send private message

Legal Questions? Speak to Maria Direct

 

Just Dan: Answers below in green:

P.S. Can I have my case transfered to Murcia. Maybe yes as executive procedures can be introduced in any place the Bank or the Insurer have a branch.

Thanks for your kind words, by the way.

Love from southest Spain,

Maria

 

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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