Creditor delay requirements

Abstract

As general rule, the Spanish Law provides for the legal institution of the creditor's delay. In spite of the absence of a clear legal definition in the Spanish Civil Code, several dispositions are referring to it both the Civil Code and the Commercial Code & special laws. Doctrine and jurisprudence have set in place its legal regime, definition and the legal requirements and effects.

The delay of the creditor can be defined as the delay in fulfilling the obligation of accepting the pay-out due to the rejection by the creditor, without legal justification, of the payment made by the debtor, when the creditor's cooperation is necessary for the fulfilment of the obligation irrespective of being negligent conduct or not of the creditor.

As regards the legal requirements for determining the creditor’s delay, these are: the maturity of the obligation for whose fulfilment the creditor's assistance is required; the proper conduct of the debtor using all reasonable means for the execution of the payment, which implies the unambiguous offer of payment to the creditor and that the creditor does not accept the provision, nor cooperate to comply with the obligation without justified cause.