P.R. Laws tit. 7, § 115
Any president, director, official, cashier, employee or agent of a bank or foreign bank who commits breach of trust, or who embezzles or willfully misapplies money, funds or credits of the bank, or securities existing therein; or who, without being duly authorized, issues or draws any certificate of deposit, draws any order or bill of exchange, makes any acceptance or assigns any note, bond, draft, bill of exchange, mortgage, judgment or decree or who makes any false entry in any book, report or statement of the bank or foreign bank, or who deceives any employee, director or official of the bank or foreign bank with the intent, in any of such cases, to injure or defraud the bank, or any other company, juridical person or corporation, or any individual person, or to deceive any bank official or any agent appointed to examine the affairs of such a bank or foreign bank; and any person who with like intent aids or abets any official, agent or employee in any violation of this section, shall be deemed guilty of a felony and imprisoned for a term of not more than ten (10) years; Provided, That the bank shall collect and cover into its funds, from the amount of any life insurance policy which the bank may have taken for the employee and paid the premiums thereon, up to the sum embezzled or disposed of by the insured employee, and the employee, his/her beneficiaries, assignees or successors in interest shall lose all rights or benefits of such policy.
History —May 12, 1933, No. 55, p. 322, § 19; Aug. 28, 1997, No. 108, § 20.