P.R. Laws tit. 30, § 2554
The following may also be mortgaged:
1st. The right of usufruct, but the mortgage shall be extinguished when this right ends due to an act beyond the control of the usufructuary. If he chooses to end it, the mortgage shall remain until the secured obligation is met, or until the expiration of the term during which the usufruct would have naturally ended had the act ending it not taken place.
2nd. The bare legal title, but if the usufruct is consolidated with the property in the name of the owner, not only shall the mortgage subsist, but it shall be extensive to the usufruct itself, when there is no agreement to the contrary.
3rd. Property or rights which have been previously mortgaged, even though there is an agreement not to remortgage them.
4th. A voluntary mortgage right, but leaving until a later date the mortgage which may be constituted on it pending the resolution of that same right.
5th. Land rights or any other similar right of a real nature.
6th. A recorded lease right, unless the lessee is prohibited from conveying or subleasing, but the mortgage constituted on it shall remain subject to cancellation of the lease because of causes beyond the lessee’s control. When the cancellation is made for causes controlled by the will of the lessee, the mortgagor may subrogate his place and stead as assignee, either by agreement among the interested parties or by decision of a competent court, which may thus resolve it as a cautionary measure or definitively, within the terms of the recorded contract, and in any event, with the determination of the court as to what alterations or modifications shall be made in the original loan according to the equity of the case.
7th. Administrative concessions of mines, railroads, canals, bridges and other public service projects, and the buildings or lands not directly or exclusively used for public service that are in private ownership, although they are attached to those projects with pending mortgages on them, in the first case, awaiting resolution of the right of the concessionaire.
8th. Property sold with a repurchase agreement when the purchaser or his agent limits the mortgage to the amount he would receive in case the sale is made, notifying the seller of the contract so that, if the property is redeemed before the mortgage is cancelled, the sale price is not returned without the consent of the creditor, unless a judicial order to that effect is handed down.
9th. The right to conventional redemption, even though the mortgagor may not claim restitution against the affected property without first redeeming it in the name of the debtor during the period in which the latter has a right, and advancing the amount necessary for this by increasing the mortgage by the sums advanced by the creditor, which shall earn interest at the maximum contractual rate allowed by law. If the seller exercises the right of redemption, the same mortgage shall be placed directly on the redeemed property.
10th. Property in litigation, if a cautionary notice of the original lawsuit has been entered, or if it appears in the registration that the creditor was aware of the lawsuit, but in either case, the mortgage shall be subject to the outcome of the suit.
11th. Property subject to resolutory conditions which are expressly shown in the Record, when the mortgagor’s right is resolved the mortgage is extinguished.
12th. Apartments in a building known as horizontal property or condominium where the constituted mortgage is subject to the provisions of legislation in force concerning horizontal property.
13th. A building built on another’s land but without prejudice to the right of the owner of the land, and with the understanding that only the right that the builder has on the building is subject to such a lien.
14th. Housing units that are a part of a real property under a member-owner cooperative housing regime, said mortgage being subject to the provisions of the laws in effect regarding to such regimes.
History
—Mortgage Law, 1979, § 158; Sept. 1, 2004, No. 239, § 3.