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The Directorate General for Legal Certainty and Public Faith has ruled on an appeal filed by Engie Cartagena, S.L. against the refusal of the Land Registrar of La Unión No. 1 to register a deed of discharge and cancellation of a real estate mortgage. The resolution examines the validity of the representative powers of financial institutions and the correct accreditation of the discharge of obligations secured by the mortgage.
For Engie Cartagena, S.L., the ruling overcomes the registry blockage to formalise the cancellation of the mortgage linked to its project financing contract. For the banking sector and the credit institutions involved (Société Générale, Crédit Agricole, BBVA, among others), the resolution confirms the validity of representative powers accredited before a notary for the cancellation of guarantees.
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