P.R. Laws tit. 10, § 2417
Upon expiration of the term of the open financial lease, the lessor shall have the following options:
(a) Acquire ownership of the chattel, paying the residual value and any other unpaid amount established in the lease.
(b) Turn in the leased chattel.
(c) The lessee, through an agreement with the lessor, may lease the chattel again in a lease where the total amount of the rates shall not be less than the residual value. During the original term, the lessor may refuse to re-lease the chattel to the lessee.
If the lessee continues to hold the leased chattel with the lessor’s consent, the lease shall be considered to be renewed under the terms and conditions provided in the original contract. This new contract shall remain in effect until the residual plus the corresponding financing costs are covered.
History —Aug. 13, 1994, No. 76, § 19, eff. 60 days after Aug. 13, 1994.