P.R. Laws tit. 32, § 3353u

2019-02-20 00:00:00+00

§ 3353u. Liability of a third-party acquirer in bad faith who has not disposed of the assets

If the trustee, in a breach of trust, transfers or alienates trust property to a third-party acquirer in bad faith who has not subsequently disposed thereof, said acquirer may be compelled to:

(a) Return such assets to the trust along with the income earned therefrom;

(b) pay the value the assets had upon receipt thereof; or

(c) in the event that said third party refused to return the assets to the trust, pay the value thereof as of the time of such refusal, plus interest.

The beneficiary shall encumber the assets, or the proceeds of their disposition, to guarantee they can be reclaimed.

History —Aug. 31, 2012, No. 219, § 55.