"Valores Santander": sentence in Granada

Santander Securities









Played in the First Instance No. 8 of Granada has declared the nullity of a contract "Valores Santander" in sentence 22 January 2014.

The applicant had placed 150.000 EUR "Santander Securities"In September 2007. He had sold an inherited property and the bank told him that would be interested in this item. He claims that he was error to hire product. The consent of the contracting parties is an essential element of the contract (art. 1261 the C.C.) and is no consent given by mistake, intimidation intent on violence (art.1265 C.C.). If not properly informed, consent is given by mistake. If consent is null, no valid contract. The error has to fall on the substance of the thing, and should be essential and excusable.

Failure to comply with the administrative rules relating to disclosure, the judgment of the Provincial Court of Madrid says 14 February 2012 can not produce by itself and without the annulment of the financial contract entered, but has substantial importance to determine if the client, depending on their financial preparation, level of training and experience, he was fully aware of the obligations and risks assumed and ultimately, if you may or may not incur a grave error and essential. Also, the burden of proof on the correctness and completeness of advice or information on weight bench.

In view of the evidence examined, Judge finds that all the requirements necessary to appreciate the existence error, enough to cancel the contract: It was not properly informed. Triptych is hardly comprehensible to a lay person with financial knowledge and 70 age. The customer profile was moderate. And was the bank that offered the product, despite acknowledging that the conservative nature of the client was. However, the product is considered speculative and high risk.

Ultimately, demand is estimated, declaring nullity of the contract by invalidating the consent and mutual benefits restitution is ordered.

Draws attention to the judgment that the request for statutory interest should be dismissed from the date of signing of the product "because it can not be considered as proved the fact of what fate would have given the applicant the amount of the investment not have taken such product ". This involves consideration of the customer judge the loss of those interests and that no order for costs.

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