TWO DEFINITIVE RULINGS FROM VALENCIA MAGISTRATES' COURT SENTENCING CAIXABANK TO REFUND DEPOSITS PAID TO TRAMPOLIN HILLS COVERED BY BANK GUARANTEES, DESPITE THE PURCHASERS JUST HELD A COPY AND GUARANTEES WERE CANCELLED BEFORE THE NOTARY
Back to blog and proud to announce our latest judicial successes.
On previous posts we informed about two rulings from the First Instance Courts from Valencia sentencing Caixabank to refund the deposit, plus legal interest and defense cost, to purchasers who just held a copy, as the original was cancelled before the notary and given back to Bank.
As you could imagine, both rulings were appealed by Caixabank. But the Magistrates' Court from Valencia has just rejected those Appeals, and confirmed that copies of bank guarantees are enforceable THROUGH THE EXECUTION PROCESS (and not the ordinary) as long as Bank doesn't claim copies to be a fake. Regarding the cancellation before the Notary, Magistrates' Court states that bank guarantees given under the provisions of the 57/68 Act could just be cancelled for the reasons stated on the Act. As the building of the Trampolin Properties hasn't started yet, despite the completion dates agreed on purchase contracts has passed by, bank guarantees remind valid and enforceable, as the cancellation is against the law and not enforceable against purchasers.