P.R. Laws tit. 30, § 2606
Any transaction or agreement between the parties that may modify or destroy the validity of a prior mortgage obligation, such as a payment, compensation, grace period or extension, the agreement or promise not to request the substitution of the original contract and the transaction or commitment shall not become effective against a third party, unless it appears in the Registry as a new registration, as a total or partial cancellation, or as a notation, whichever is applicable.
If a transaction or agreement between the parties leads to a total or partial substitution of the recorded contract, a new registration shall be made and the preceding one shall be cancelled. When it motivates the resolution and nullity of the same contract, wholly or partially, a partial or total cancellation shall be made. And when its purpose is to put into effect a recorded contract with a pending suspensive condition, a note shall be made.
History —Mortgage Law, 1979, § 187.