Legal tip 1141. On all Floor Clauses of Spanish Banks
Friday, May 2, 2014 @ 12:30 PM
Spanish Justice will decide in July whether floor clauses are preventively forbidden. Many bank entities could turn out affected.
Commercial Court number 11 from Madrid will decide about a collective appeal led by ADICAE against 101 bank entities about the floor clause. Floor clauses in all mortgage deeds could be provisionally suspended according to ADICAE purposes. The hearing will take place from 15 to 18 July and the court will decide if this measure is accepted: The decision could be extended to all Spanish mortgages affected by floor clause or only to ADICAE’s plaintiff members (around 15.000 people).
ADICAE defends that their appeal is based on the fact that many courts have declared the floor clause abusing and have decided to suspend it.
Source:
http://laeconomiadelosconsumidores.adicae.net/index.php?articulo=2090
Alcaraz, Albacete, South eastern Madrid, Spain, at facebook.com