Valencia. The Ninth Section of the Provincial Court of Valencia has declared the nullity of the floor clause in a loan granted to a commercial company, as reported yesterday by the Valencian firm Martín Queralt Abogados, which is the one who has obtained the sentence with the legal address of José García Roig, counselor of Counsel for the firm.
As detailed in a statement, this court ruling in second instance opens the door for entrepreneurs and companies to claim from now on, in terms similar to how individuals have done, the nullity of the floor clause in mortgage loans.
The Hearing condemns the bank “to reimburse the amounts paid in excess by application of such a null clause in relation to the agreed remuneration interest”, as well as to pay the costs. García Roig explained that this judgment establishes jurisprudence and is applicable to those cases in which the employer or the person in charge of the commercial company was not informed of the existence of a clause of this type in a loan that was formalized at variable interest. In this case, the plaintiff is a pharmaceutical businesswoman from Gandia, who was granted a mortgage loan. The judgment argues that “there is no instrument, communication or mere information, before the public contract, that the plaintiff would be subject to a floor clause.”