Generic Guarantee for 3 Molinos resort undercovered

 Banco Santander signed with 3 Molinos a Generic Guarantee in which the Bank commited to provide individual guarantees to the purchasers, and even a few purchasers got an individual guarantee, but those purchasers whose property wasn't completed in time and don't hold an individual guarantee are entitled now to claim for the refund of the deposit plus legal interest to the Bank.

In practice how will this work? And to what timescale? Is the Bank likely to appeal or have they agreed to the principal of refund?

Is there any suggestion that this will be fast tracked through the courts?

Why do we need 2 threads on this...Justin can you please kill one, thanks

 Under the provisions of the Generic Guarantee, the Bank was supossed to provide an individual guarantee to every purchasers, because before signing the document the Banks always analyze the circumstances of the developments, so when they sing the generic guarantee contract are completely aware of the risk they are assuming.

The type of proceeding depends on the amount claimed, but as long as it is higher than 6,000 €, the appropriate proceeding is the ordinary, which has two phases: a Prior Hearing (for the evidences’ proposal) and the trial. The time scale depends basically on the competent court (some Courts are really quick, but others aren’t).

 this thread is about the generic guarantee, no about the development...I don't see the point to kill one

 The content of the two threads is almost identical... did you really need to start 2 threads ? or are you going to start one for every bank / developer that signs up? COuldn't you do a paragraph about the Generic Guarantee and then add to it for each pair of signatories?

Banco Santander signed with 3 Molinos a Generic Guarantee in which the Bank commited to provide individual guarantees to the purchasers, and even a few purchasers got an individual guarantee, but those purchasers whose property wasn't completed in time and don't hold an individual guarantee are entitled now to claim for the refund of the deposit plus legal interest to the Bank.

The office of Banesto Bank in Orihuela signed with Castalla International (San Antonio Group) a Generic Guarantee in which the Bank commited to provide individual guarantees to the purchasers. So any purchaser whose property is not being completed in time is entitled now to claim for the refund of his deposit plus legal interest to the Bank, even without an individual bank guarantee.