P.R. Laws tit. 10, § 2424
When the lessee is in default with the lease and the lessor takes possession of the leased chattel whether by surrender or repossession by judicial process, he/she may entertain bids from third parties and shall notify the lessee of them by certified mail. The lessee shall have a term of fifteen (15) days to improve the bid and acquire the chattel or pay what is owed. After this term expires, if the lessee has not improved the bid, the lessor shall proceed to sell the chattel to the person who has made the best offer or has established a lease in said amount. If after the lessor acquires ownership of the leased chattel, he/she does not succeed in getting purchase offers from third parties within a term of fifteen (15) days, he/she shall notify this fact to the lessee and shall grant him/her a time period of fifteen (15) days for him/her to find a buyer or to pay what is owed. The terms established herein may vary from what was agreed upon only in those leases which are not consumer leases.
If there is a profit from the difference between the cash value and the balance owed by the lessee, the lessor shall pay the difference to the lessee. Otherwise, if there is a deficit because of a discrepancy in the amount to be received for the sale and the balance owed by the lessee, the latter shall pay said difference to the lessor.
History —Aug. 13, 1994, No. 76, § 26, eff. 60 days after Aug. 13, 1994.