It is a very simple and obvious observation, there is no need of much legal rethoric or argumentation: the conditions of Bank Guarantees 57/68 were established by Law as inalienable and once the Bank or the Insurance company freely decides to issue these guarantees ( as part of a business relationship with the developer) ,they are issuing them according to the requisites, characteristics and imperatives of Law 57/68.
So if you find a Bank Guarantee or an Insurance Policy which in its main statements affirm that is issued according to the obligations of Law 57/68... you can stop reading the rest because regardless what they say, guarantee, limit.... they are actually, by force of the Law, obeying Law 57/68 which is above developers or guarantoors´ wills.
"Public Interest" is called in political and legal jargon. And rights created by legislator for the protection of public interests are inalienable, cannot be waived... whatever interests operate for the supression of them in a 57/68 Bank Guarantees... they are there... you cannot kill them.
In clear and practical terms: your Bank Guarantee:
- Do not expire till First Occupation License is granted AND the house is handed over to buyer
- Include full legal interests accrued from the moment buyer pay to developer to when the amounts are effectively refunded.
- Once the Guarantee is duly executed or the contract is cancelled, the judicial action is open for 15 years.
- Any wording of the Guarantee is valid, according to Bank of Spain.
- Original copy of the Guarantee is not necessary: also according to Bank of Spain.
Hope these are good news for many of you.
Maria L. de Castro
Ermita de los Remedios, Luena, Cantabria, Spain by Lumiago at Flickr.com
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