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TIME LIMITATIONS OF CONTRACTUAL CLAIMS IN SPAIN
Ventura Garcés & López-Ibor’s Madrid office (Spain) have produced the following Client’s Note.
TIME LIMITATIONS OF CONTRACTUAL CLAIMS
On the 6th October 2015 the Spanish State Gazelle (B.O.E.) published the Law 42/2015, of the 5th October, amending Spanish Civil Procedure Law.The aforementioned law has amended article 1964 of the Spanish Civil Code regarding the time limitations of contractual claims, reducing the period for exercising contractual claims from 15 years to 5 years.This law came into effect the day following its publication, that´s to say, the 7th October 2015. In regard to the application of this modification of contract’s time limitation to the already existing legal relationships before the date of legal effect of, the fifth transitional rule refers us to article 1939 of the civil code, where it is established that any limitation commenced before the publication of the referred effective date, will be governed by the previous rule (15 years), with a limit of 5 years counting from the coming into effect of this law, thus, until the 7th October 2020 whichever case.Some practical examples:Contractual obligations entered into on October 7th 2000. – Shall expire on October 7th 2015 (expired)Contractual obligations entered into on October 7th 2003. – Shall expire on October 7th 2018Contractual obligations entered into on October 7th 2013. – Shall expire on October 7th 2020Finally the change of the aforementioned time limitation of the Spanish Civil Code has not affected the prescription deadlines established in the Catalan Civil Code, in relation with which we will circulate another client’s note. For more information please contact: Alfonso López-Ibor or Pablo Henríquez de Luna LosadaVentura Garcés & López-Ibor, Abogados Madrid office. T. (+34) email@example.com firstname.lastname@example.org