P.R. Laws tit. 30, § 2617
A mortgage may be constituted to secure periodic income or remittances by an agreement between the parties or by a unilateral act. When it is constituted by a unilateral act of the owner of the mortgaged property or right, the provisions in § 2605 of this title shall apply. If it is constituted in a last will and testament, the will, accompanied by the necessary complementary documents, shall be sufficient title to record it. The acceptance of the person collecting the rent or the beneficiary of the remittances may be given in the deed of partition of the estate or in a separate deed.
Any person auctioning the properties encumbered with the mortgage indicated in this section shall acquire them with its subsistence and that of the obligation to pay the rent or remittances until it expires or is extinguished. The mortgage shall have the same effect on third parties; but with respect to rentals due and those unpaid, third parties shall only be injured in the manner indicated in §§ 2562 and 2563 of this title.
Unless there is an agreement to the contrary, six months after the date consigned in the Registry, when the last rent or remittance should have been made, the titleholder of the mortgaged property or right may request cancellation of the mortgage, provided there is no record of any entry indicating that the contract has been modified or a suit filed against the debtor for the payment of said rentals or remittances.
An agreement to the contrary authorized in the preceding paragraph may not, in any case, exceed five years.
History —Mortgage Law, 1979, § 198.