P.R. Laws tit. 19, § 2279a
2019-02-20 00:00:00+00
The following rules govern priority among conflicting security interests in the same life insurance policy:
(1) A security interest held by an insurer has priority over a conflicting security interest held by another secured party.
(2) A secured party that has control over the life insurance policy has priority over a conflicting security interest held by a secured party without control.
(3) Except as otherwise provided in subsection (1) of this section, security interests perfected by control under § 2264 of this title rank according to priority in time of obtaining control.
History —Sept. 19, 1996, No. 241, added as § 9-329.1 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.