P.R. Laws tit. 30, § 2575
2019-02-20 00:00:00+00
So that foreclosure and collection of a mortgage loan may be made either in accordance with summary or ordinary procedures, it shall be indispensable that the mortgage deed include the specified price the mortgaged property or real right is appraised at by the interested parties, so that it may serve as a standard for the first auction which must be held.
Standards governing the second and third auctions are indicated in § 2721 of this title.
History —Mortgage Law, 1979, § 179.