P.R. Laws tit. 26, § 4023
(1) Any transfer made and completed and any obligation incurred by an insurer within two (2) years prior to successfully filing a petition for rehabilitation or liquidation pursuant to this chapter, is fraudulent as to then existing and future creditors if made or incurred without just cause or with an actual intent to hinder, delay or defraud either existing or future creditors. A transfer made or an obligation incurred by an insurer subject to a rehabilitation or liquidation proceeding pursuant to this chapter, and which is fraudulent according to this section, may be voided by the receiver, except as to a person who in good faith is a purchaser, lienor, or obligee for a fair equivalent value and except when a purchaser, lienor or obligee who in good faith has given a consideration less than fair for such transfer or lien or obligation may retain the property, lien or obligation as security for repayment. The court may order, on due notice, that any transfer or obligation for which a consideration less than fair has been given to be preserved for the benefit of the estate and in such an event, the receiver shall succeed to and may exercise the rights of the purchaser, lienor or obligee.
(2)
(a) A transfer of property other than real property, shall be deemed to have been made and completed when it has been so perfected that no subsequent lien obtained by legal or equitable proceedings on an oral contract could become superior to the rights of the transferee pursuant to § 4025(3) of this title.
(b) A transfer of real property shall be deemed to have been made or completed when it becomes so perfected that no subsequent bona fide purchaser of the insurer can obtain rights superior to those of the transferee.
(c) Any transfer not perfected prior to the filing of a petition for liquidation shall be deemed to have been made immediately before the filing of the successful petition.
(d) The provisions of this subsection shall apply whether or not there are or have been creditors who might have obtained a lien or whether or not there are or have been persons who might have been bonafide purchasers.
(3) Any transaction of the insurer with a reinsurer shall be deemed fraudulent and may be voided by the receiver under subsection (1) of this section if:
(a) The transaction consists of the termination, adjustment, or liquidation of a reinsurance contract in which the reinsurer is released from complying with any part of his/her obligation to pay the originally specified share of losses that had occurred prior to the date of the transaction, unless the reinsurer gives a fair value for the release, and
(b) part of the transaction took place within three years prior to the date of filing of the petition through which the receivership was commenced.
History —Ins. Code, added as § 40.230 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 23.