P.R. Laws tit. 31, § 5211
Credits which enjoy preference with regard to certain personal property exclude all the others to the extent of the value of the personal property to which the preference refers.
When two (2) or more creditors claim preference with regard to certain personal property, the following rules shall be observed as to priority of payment:
(1) Credits secured by a pledge exclude all others to the extent of the value of the thing given in pledge.
(2) In case there is a security, should the latter be legally constituted in favor of more than one creditor, the priority between them shall be determined by the order of the dates of the execution of the guaranty.
(3) Credits for advances for seeds, expenses of cultivation, and harvesting, shall be preferred over those for rents and leases, with regard to the fruits of the crop for which they were incurred.
(4) In all other cases the value of the personal property shall be distributed pro rata among the credits which enjoy special preference with regard to the same property.
History —Civil Code, 1930, § 1826.