El blog de Maria

I am just making a translation of article one of Law 57/68. Green additions are by me:

Article 1.

The individuals and companies which  promote housing construction which are not protected by the State and are intended for home or family residence, whether permanent or seasonal ,accidental or incidental character and which will be receiving sums of money from buyers before they start or during the construction must meet the following conditions:

  
First. Secure repayment of the amounts paid plus 6% annual interest, by  Insurance contract awarded  with an insurer registered and licensed in the Register of the General Department of Insurance or joint Guarantee provided by entity listed in the Register of Banks,  Bankers or saving Banks, in the event that construction is not commenced or not finished for any reason at the agreed deadline.
   

Second. Perceive  the sums advanced by purchasers through a Bank or savings Bank, [Here liabilities of the Bank start]:  which will be deposited in special accounts separated from any other kind of funds belonging to the promoter and which always be used for the building of the development. For the opening of  these accounts or deposits,  the bank or savings Bank, under its responsibility, will require the guarantee explained in paragraph First.

So there are liabilities for Banks which did not perform due diligency by depositing funds in special, controled accounts and which did not check on the existence of Insurance Policies or Bank Guarantees. It is quite plain and clear.. is not? What do you think?

By Maria L. de Castro

www.costaluzlawyers.es

 Palacio de Cristal (Parque del Retiro, Madrid), By Felipe Gabaldón at Flickr.com

Since assuming its role as a public park the late 19th century, the "Parque del Retiro" ( in Madrid)  has been used as a venue for various international exhibitions. Several emblematic buildings have remained as testimony to such events, including ... the Palacio de Cristal ("Crystal Palace"), a glass pavilion inspired by The Crystal Palace in London, undoubtedly the gardens' most extraordinary building. Built along with its artificial pond in 1887 by architect Ricardo Velázquez Bosco for the Philippine Islands Exhibitions, it was first used to display flower species indigenous to the islands (see Wikipedia).