P.R. Laws tit. 5, § 1135
(a) Liens upon quotas subject them, directly and immediately to compliance with the obligation for the security of which they were constituted. Liens recorded in this registry shall constitute an effective encumbrance upon quotas, provided said liens were constituted or recorded in additional compliance with §§ 1221 et seq. of Title 19, which pertains to guaranteed transactions.
(b) In the case of the sale of an encumbered quota, if the seller and the buyer agreed on buyer’s subrogation, not only in the responsibility related to the lien, but also in the personal obligation guaranteed with it, if any, the seller may be released from said obligation if the creditor gives his express consent.
(c) When several quotas are encumbered at the same time for one credit, the amount or part of the lien for each shall be determined.
(d) The lien upon quota shall subsist as is, while it is not cancelled. However, if the guaranteed obligation is reduced, the debtor may request a partial release to the creditor corresponding to such reduction.
(e) If a credit guaranteed by a lien upon a quota is totally or partially due and payable, the creditor may execute said lien by obtaining a judgment against the debtor in the Court of First Instance with jurisdiction, and an order of execution of said judgment upon the encumbered quota.
History —Sept. 2, 2000, No. 301, § 11, eff. 6 months after Sept. 2, 2000.