(English) Monthly Newsletter - Arcos & Lamers Asociados

How to settle bills at international trade

The manner to settle bills at international transactions are practically the same as in domestic trade, although they have some differentiating factors.

The way of settling bills can be classified according to whether or not are subject to both, financial and commercial management of documentation:

• Simple alternatives of payments.

The liabilities and legal actions against Directors of a Spanish S.L. Company

Article 241 bis of the Spanish Companies Law (Ley de Sociedades de Capital ) states that the action of liability against directos and or administrators, social or individual action, expires in four years from the day that would have been able to be exercised.

Such action, when a damage caused by acts or omissions contrary to the Spanish Law or to the By-Laws of the Company, or for breach of duties inherent to the position of Director, will be started by the Company, once adopted in a General Meeting, and at the request of any shareholder of the company in Spain.

Likewise, the General Meeting may waive the exercise of such action, provided that there is no opposition from the shareholders representing 5% of the share capital.

The minimum interest rate charged on a mortgage in Spain (Cláusula suelo)

Below we briefly and simply explain everything concerning the minimum interest rate charge on a mortgage in Spain. The so known “Cláusula suelo”

The so known “Cláusula suelo”, in relation with the mortgage loan and the property purchase by mortgage, is a contractual clause stipulating a minimum payable to the bank although the ordinary interest rate that have been agreed with the financial institution is below the one that is agreed.

This clause only benefits the bank, due to as the lower is the interest rate, the client will have to pay less, but to establish this clause the banks ensure a minimum charge. With other words it does not allow the debtor to benefit from the drop of the index.

New Spanish coast regulation and its application in seconds and subsequent transfers of properties, in cases of new registration of properties in Spain and differences in measurements

Coast law in spain

In relation to the second and subsequent registrations at Spanish Land Registry on properties that intersect or those that are lining arround the maritime-terrestrial public domain, please find as follow a number of rules that the owners should take into account (notes to article 36 of Spanish coast legislation):

- In Spain, if a plot of land invades or is located next to an area of maritime-terrestrial public domain according to the graphic representation provided by the Department of Sustainability of the Coast and the Sea. The so known Dirección General de Sostenibilidad de la Costa y del Mar, the local Spanish Registry shall suspend the registration requested and make notation for ninety days notifying this circumstance to the Peripheral Service of Coasts, the so known Servicio Periférico de Costas to, within one month since the reception of the request, certify whether the plot of land invades the maritime-terrestrial public domain and its location in relation to the protection and transit easements. After this period, without receiving the mentioned certificate, the Registry will become the annotation for the suspension of the registration domain, which will notify the peripheral service costs.