2. As in the moratorium on mortgage loans provided for in Articles 7 to 16 of Royal Legislative Decree 8/2020 of 17 March, the application of the suspension does not require an agreement between the parties or contractual novation. The suspension of contractual obligations takes effect at the request of the debtor to the creditor, which is accompanied by the necessary documents. However, if the credit or loan is secured by a registrable right other than the mortgage or has been consulted in the register of rental sales of property for the purposes provided for in Article 15, section 1, of Law 28/1998, of 13 July, on the sale of rental property, the extension of the period that includes the suspension must: be registered. in accordance with the applicable general rules. In principle, the moratorium does not affect quotas already due at the time of the moratorium. However, it is questionable whether these already overdue quotas will have an impact on the moratorium, which I will talk about later. « 1. Where the moratorium provides only for a carry-over of the principal claim and interest on a secured loan or a loan or lease the registration of which requires the drawing up of an authentic instrument and, where applicable, the renewal of the payment protection insurance or loan repayment insurance referred to in Article 7(2): The financial institution shall provide the Make the agreement on the moratorium public unilaterally, provided that “2. During the state of alert and until full restoration of freedom of movement, the public documents referred to in Article 13 may not be formalised. However, this will not suspend the application of the moratorium which, in accordance with Article 13.1, must be applied within a maximum period of 15 days, whether or not this suspension has already been formalized in an authentic instrument.

It consisted of moving the portion of the tranche relating to the principal amount of the loan for the duration of the moratorium. These conventional moratoriums were motivated by an agreement of the European Banking Authority (“EBA”), which allowed credit institutions, through its Directive of 2 April 2020 (EBA/GL/2020/02), to treat favourably moratoriums granted to mitigate the negative effects of COVID-19. The guideline stipulates that, under certain conditions, late debt payments are not recorded as having failed or refinanced by financial institutions, which mitigates the impact of moratoriums granted on them and thus promotes their concession. The Guidelines applied to moratoriums granted until 30 September 2020, the date from which EBA suspended the application of the Guideline. Fourth additional provision. Extension of time limits for moratoriums. Once signed, the standstill agreement is elevated to the status of an authentic instrument, which can only be revised unilaterally by the creditor if the moratorium consists of granting a lack of capital or principal and interest with a corresponding extension of the duration. If a different formula is sought (e.g.

a moratorium with quotas and no extension of the loan© term), the issuance of the deed requires the appearance of both parties. The relationship between the legal moratorium and the conventional moratorium has also been regulated in RDL 19/2020, whereby it is provided that the statutory moratorium will be applied first if the debtor was allowed to do so, and only after its duration the conventional moratorium would be effective, which will normally not be the case now when the legal moratorium is requested for 9 months. which is now also the maximum duration of the conventional. It is expected that interest of any kind, i.e. both ordinary and arrears, will no longer accrue during the moratorium. It is therefore not a mere suspension of the enforceability of interest against payment, which would allow it to be claimed under the moratorium, but a suspension of the provision, so that the outstanding capital cannot bear the ordinary interest during the moratorium. 3. Moratoriums provided for in sectoral agreements and RDL 19/2020The problem with previous moratoriums is that vulnerability thresholds exclude many middle-income families, but who will also face serious difficulties due to falling incomes. For this reason, the Spanish Banking Federation (AEB) and the Spanish Association of Savings Banks (CECA) have promoted a sectoral agreement to relax the moratorium for debtors not included in the above-mentioned RDL, to which the main banks have already joined (similar agreements have also been proposed by the National Federation of Credit Unions (UNACC) and the National Federation of Financial Institutions (Financial Credit Institutions)). It is important to note that the sector agreement is in line with the guidelines of the European Banking Authority (EBA), which state that these moratoriums are not counted as a refinancing or therefore do not change the rating of the loan, which seems to encourage banks to adopt them (1). The sectoral agreement provides for its application to loans and mortgages for houses or real estate affected by the economic activity of the self-employed and to personal loans repaid in instalments (it does not provide for personal loans or leasing, to which RDL 19/2020 nevertheless refers).

The debtor must be a natural person, have never breached their obligations and experience economic hardship due to COVID, without setting other vulnerability requirements. It also applies to debtors who are entitled to a statutory moratorium after the expiry of the statutory moratorium if they have requested it during the term of the inter-trade agreement. Thus, in the BOE of 1 April, Royal Legislative Decree 11/2020 of 31. March, which adopts urgent additional measures in the social and economic field to deal with COVID-19, on the basis of which measures have been established to allow the moratorium on any loan or loan©©without mortgage security concluded by a natural person (including entrepreneurs or professionals) who is experiencing exceptional payment difficulties due to the COVID-19 crisis (hereinafter the legal moratorium). Subsequently, on 22 April and 27 May, Royal Legislative Decree 15/2020, of 21 April, and Royal Legislative Decree 19/2020, of 26 May, were published, complementing the previous one and regulating, among other things, the increase in moratorium agreements and the special regime©for the treatment of sectoral carry-over agreements. Royal Legislative Decree 26/2020 of 7. July introduces a legal moratorium in favour of legal persons and self-employed persons whose commercial activity includes the provision of public passenger or freight transport, on the payment of the capital of loan contract instalments, the leasing and rental of vehicles intended for discretionary public passenger transport by bus and public freight transport. Although the public collection of these voluntary mortgage novations is not subject to the special rules of public collection of the purely legal moratorium, it appears that it is subject to tariff advantages. Although it is remembered that this does not extend to purely voluntary novation, but to that which is an additional consequence of a legal moratorium, adds another change to the loan.

Thus determines art. 16ter of Royal Legislative Decree 8/2020: These requirements imply the consideration that the debtor or borrower must be a natural person and therefore exclude legal persons (legal persons have been included in other special mortgage moratoriums that will be seen below). Point 3 of the fifteenth additional provision of Royal Legislative Decree 15/2020 extends the same rule to moratoriums on credit transactions or non-mortgage loans, but with a guarantee registered in the register of movable property that provides: “Likewise, it will be a unilateral obligation of the creditor body to promote the formalization of the policy or authentic instrument in which the recognition of the suspension of contractual obligations in loans or loans without mortgage security in accordance with Article 24.2 of Royal Legislative Decree 11/2020, of 31. March, which adopts urgent additional measures in the social and economic field to deal with COVID-19 and, where applicable, in the register of movable property, provided that the credit or loan has been secured by or accessible by a registrable right other than the mortgage. The purpose of this paper is to show the scope of the various moratoriums on mortgages©provided for by law. The request for a legal moratorium must be made by the debtor. If the debtors are spouses in the community of property, it is sufficient, to my knowledge, for only one of them to do so ex Article 1385 of the Civil Code. It does not appear that the debtor does not need the consent of the guarantors and guarantors. Neither that of the non-debtor mortgagee nor that of the spouse is Article 1320 of the Civil Code (according to Vicente Martorell García, in “Table of covid 19 credit moratoriums”, published in the www.notariosyregistradores.com).

However, it has been argued that the non-debtor mortgagee may also request the statutory moratorium on the basis of Article 10 of Royal Legislative Decree 8/2020.