Very recent Case Law ( dated 3rd of May 2011) by Burgos Appeal Court
1.- Claimer requests both developer and Bank ( issuer of a generic Bank Guarantee) to provide the individual Guarantee and subsidiarily to refund the handed amounts plus legal interests.
2.- On Banks liability Judge interprets that the constitution of the guarantee is so essential that if it is not met, the buyer directly acquires rights for devolution of the handed amounts. Banks are obligued to restitution of handed amounts due to negligency for not constituting the required Guarantees.
So, if you bought off plan and claimed for refund of deposits, obtaining a win but finding an unsolvent developer who cannot pay you back, go and find possible liabilities of the Bank who issued the general Bank Guarantee and did not assure you had your individual certificate for the protection of your amounts. Banks where you placed your amounts are also liable for the refund according to provision 1.2 of Law 57/68.
Great for Burgos!
Maria
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Playa de Areacova, Cangas de Morrazo, Rias Baixas, Galicia, Spain by Inmobiliaria Lares at Flickr.com