Presentación1

596 views

Published on

Published in: Education, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
596
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Presentación1

  1. 1. DACIÓN EN PAGO Shirin Fardi and Encarna Mesa Inglés Jurídico, January 2012
  2. 2. INDEX1. The concept : Spanish/English legal term2. Legal & plain English definition3. Legal Procedure4. Process5. Alternatives6. Dación en pago & foreigners7. Conclusions
  3. 3. SPANISH/ENGLISH TERM dation enDación en assignment datio pro dation in paiement pago in payment soluto payment (French term)
  4. 4. Legal & plain English definition• LEGAL ENGLISH: formal legal procedure in which a borrower might cancel his creditors’ debt handing in exchange any of his assets.
  5. 5. Legal & plain English definition (I)• PLAIN ENGLISH: handing back your home keys to the bank to cancel your debts.
  6. 6. LEGAL PROCEDUREThis legal procedure isbased on Art 1175 of theSpanish Civil Code, whichestablishes that a borrowercan cancel his creditors’debt handing in exchangeany of his assets.
  7. 7. LEGAL PROCEDURE IAccording to Art. 1911 of the Spanish Civil Code, (Signing a Spanish Mortgage)“Del cumplimiento de las obligaciones responde el deudor con todos sus bienes, presentes y futuros.”
  8. 8. LEGAL PROCEDURE IIYou will be held personally liable with all yourassets, both now and in the future, for thedifference between what you owe the bankand what the property is worth after the fullrepossession procedure is over.
  9. 9. PROCESS
  10. 10. ALTERNATIVES •Mortgage Subrogation •Mortgage Novation
  11. 11. DACIÓN EN PAGO & FOREINGERS
  12. 12. DACIÓN EN PAGO & FOREIGNERS I• Popular solution after the Financial Recession• Stop the delay in payments• Foreigners back to their countries without debts• Better & cheaper solution than a legal process in a foreign country• Some countries protect their citizens Eg.: Ecuador
  13. 13. CONCLUSIONS
  14. 14. MORE INFORMATION• The Dación en Pago Explained• La banca impulsa la dación en pago con extranjeros para frenar la mora• Código Civil Español

×