Once again, and it's the third time, the Supreme Court has confirmed a ruling from the Alicante Appeal Court Setting forth BBVA's liability in front of buyers for the failure in delivering Bank Guarantees.
On 4th march 2015, the 5th Section of the Alicante Appeal Court issued a ruling dismissing the appeal placed by BBVA against the First Instance Ruling estimating our lawsuit.
BBVA placed an appeal in cassation before the Supreme Court that has been rejected due to the failure of BBVA to appear before the Supreme Court.
So, the ruling issued by the Appeal Court (confirming the First Instance judgment) gains "res iudicata" force, which means that is definitive, and so on the First Instance ruling.
The final paragraphs of the First Instance judgment, issued by First Instance Court number 9 of Alicante on 21st may 2014 stated that "in case the developers fail to give an individual guarantee certificate to the buyers, [...] the buyers are insured, as the nature of the contract signed between Herrada del Tollo and BBVA has the nature of a guarantee insurance", and that BBVA should pay our clients back off-plan deposits, plus interests since they did the payments.
We must highlight, from the statements made by the Appeal Court the following:
"even if the promoter fails to deliver BGs to the buyers, they have right to be under the guarantee as stated by Law 57/1968, regardless the existance of a contracual link between the buyers and the bank, because [the guarantee contract between Herrada del Tollo] is a collective insurance policy, and buyers come insured just by signing the purchase contract, and clients cna't be affected by developers' contract breaches"
This message was last edited by LucasAsociados on 18/09/2015.