P.R. Laws tit. 32, § 3353aa
A trust shall terminate when:
(a) The trust purpose is fulfilled;
(b) the term of the trust has expired or the event that causes the trust termination has occurred;
(c) there is an absolute lack of the necessary conditions for its execution, or the condition for its execution is not met within the term stipulated;
(d) the trust purposes become unlawful or impossible to fulfill, unless it is a charitable trust to which the provisions of Section 68 may be applied (Cy Pres rule);
(e) ordered or authorized by the court if, because of circumstances not known to or anticipated by the trustor, the accomplishment of trust purposes would be defeated;
(f) all the beneficiaries agree thereto if they are all determined and capable, unless continuation of the trust is necessary to fulfill an essential purpose thereof. However, if any of the beneficiaries is not determined or is unfit, or if any of them does not consent to the premature termination of the trust, the remaining beneficiaries may partially terminate the trust with the consent of the trustor insofar as those remaining beneficiaries do not incur damages;
(g) the beneficiary resigns, becomes incapacitated, is removed or rejected, or dies, provided that the clear intention of the trustor was that only such person could be the trustee;
(h) the object upon which it was constituted is destroyed. However, if the destruction of the object of the trust is the fault of the trustee or a third party, the trust shall not terminate and its estate shall be cause of action against the trustee for breach of trust or against the third party under tort liability;
(i) a resolution of the right of the trustor over the trust property; or
(j) there is a confusion between the capacity as sole beneficiary and that of sole trustee;
Regardless of the existence of a cause for termination, the trust shall subsist until the entirety of the trust property has been distributed to whom it rightfully belongs, the purposes for which it was constituted have been fulfilled, inventory has been taken and the final accounts have been deemed correct, and the trustee is relieved of his trustee duties and responsibilities as such.
(k) the parties that created the trust have expressly and personally agreed to its termination.
History —Aug. 31, 2012, No. 219, § 61.