P.R. Laws tit. 10, § 4121
For the purposes of this chapter the following terms shall have the meaning stated below:
(a) Financial asset. — Shall mean an account, an instrument, financial paper or any contract that gives a natural or juridical person the right to receive payments in cash or through an instrument from another natural or juridical person.
(b) Instrument. — Shall mean an “instrument” as said term is defined in the Commercial Transactions Act, §§ 401 et seq. of Title 19.
(c) Account. — Shall mean an “account” as said term is defined in the Commercial Transactions Act, §§ 401 et seq. of Title 19.
(d) Valid contract. — Shall mean a written contract that meets the applicable requirements for its juridical validity.
(e) Purchase and sale. — Shall mean a juridical business that meets the requirements imposed by the Puerto Rico Civil Code of 1930, as amended, in §§ 3741—3961 of Title 31 relative to a “purchase and sale” or with the requirements imposed by the Commercial Code in the case of a “purchase for resale”, as said term is defined in the Commercial Code.
(f) Commercial Code. — Shall mean the Puerto Rico Commercial Code of 1932, as amended, §§ 1001 et seq. of this title.
(g) Assignment. — Shall mean a juridical business that meets the requirements imposed by §§ 3942—3961 of Title 31, related to the “assignment” or “transfer of credits”.
(h) Documentation. — Shall mean the contract through which the transfer of financial assets is conducted as well as other documents related to such a transaction.
(i) Commercial Transactions Act. — Shall mean §§ 401 et seq. of Title 19, known as the “Commercial Transactions Act”.
(j) Financial paper. — [Shall mean] as said term is defined in the Financial Transactions Act, §§ 401 et seq. of Title 19.
History —Feb. 23, 2007, No. 13, § 2.