P.R. Laws tit. 7, § 252a
The Secretary may accept as collateral to secure public funds under the provisions of this chapter, securities evidenced by certificates, securities not evidenced by certificates, and securities in which the ownership thereof is kept in electronic systems. The Secretary shall be empowered to establish preferences in the securities that he shall accept as collateral and to require that the collateral is rendered through a specific security.
All securities designated by the Secretary as acceptable shall be accepted for their market value and shall be sufficient to secure one hundred percent (100%) of the public funds deposited with the designated depositaries. If on the other hand, there is a net excess in favor of the designated depositary, between the market value of the collateral and the total of the deposited funds, the Secretary, by a petition of such depositary, may return the excess collateral and shall exercise his discretion to determine the class or classes of designated securities that he shall return to the designated depositary.
The Secretary shall verify the market value of the assets offered as collateral from time to time. If the assets have dropped below their market value at the time they are accepted as collateral, the Secretary shall require the depositary to complement it.
This provision shall prevail over any other legal provision that is not in harmony with that which is provided herein.
History —Aug. 14, 1991, No. 69, § 2.2.