Controversial aspects in the reinstatement of reciprocating benefits carried out in compliance with complex financial contracts judicially declared ineffective
DOI:
https://doi.org/10.51302/ceflegal.2017.10299Keywords:
complex financial products, reinstatement of reciprocating benefits, possessory statement, judicial restraint, tax withholdingAbstract
The reciprocal restitution of benefits is a legal effect of the declaration of the inefficacy of a contract. Its positive legal regulation is established in article 1.303 of the Civil Code. To purpose of the business object with synallagmatic legal financial complex (preferred participations, subordinated debt, swaps and so on) considered ineffective and in phase of enforcement of judgment, the return of the principal amount invested, credit instruments/bonds, yields and legal interests between the contracting parties do not follow uniform standard as it may be inferred from the case law of our Subordinate Courts. On this particular issue, there are varied legal and doctrinal reasons. And the result of such controversial arguments are the different solutions agreed in relation to the obligation of the claimant to return yields with or without their civil profits, the right of the defendant to be reinstated to the gross or net interests amount that were cleared and paid off to the claimant, and the implementation of the legal interest of money or another because of the restraint of the effects of the reinstate. As there is consensus on the fundamentals of law applied to undo a financial contract complex affected by essential and forgivable error that is a vice of consent, the unification of standards in relation to the reinstatement of reciprocating benefits is necessary. In the economic dimension of article 1.303 of the Civil Code, where the company preparatory to the business and the particular that adheres to it, a solution consistent with the facts, and not begs the legal security that deserve those as actors in the economic public order, lies in rejecting the compound interest sought by the proponent of the business and force it to deliver to the investor the nominal capital increased moderately by application of a rate of interest result of adding the legal money and the offered by the market, dividing it between two.
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