P.R. Laws tit. 26, § 4024
(1) After a petition for rehabilitation or liquidation has been filed, the transfer of any of the real property of the insurer to a bona fide purchaser shall be valid against the receiver if fair value was paid, and if fair value was not paid, the transferee or purchaser shall retain a lien on the property up to the value paid for said property. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for an order of rehabilitation or liquidation with the Property Registrar wherever the real property in question is located. The power of any United States Federal Court or the court of any state or any other jurisdiction to effect or authorize a judicial sale of real property of the insurer in any county or municipality in a state shall not be impaired by the pendency of such a proceeding unless the copy of the aforesaid petition is recorded prior to the consummation of the sale in the section of the Property Registry corresponding to the county or municipality.
(2) After a petition for rehabilitation or liquidation has been filed and before the receiver takes possesion of the property of the insurer, or before an order of rehabilitation or liquidation is granted:
(a) The transfer of any property of the insurer, other than real property, made to a person acting in good faith shall be valid for the receiver if made for its fair value or if not made for its fair value the transferee shall have a lien on the property to the extent of the value paid for it.
(b) A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the debt or return the property, or any part thereof, to the insurer or upon his order, with the same effect as if the petition were not pending.
(c) A person having knowledge of the pending rehabilitation or liquidation shall be deemed not to act in good faith.
(d) A person asserting the validity of a transfer under this section shall have the burden of proof. Except as provided in this section, no transfer by or on behalf of the insurer made after the date of the petition for rehabilitation or liquidation by a person other than the rehabilitator or liquidator shall be valid against the aforementioned.
(3) None of the provisions of this chapter shall impair the negotiability of currency or other negotiable instruments.
History —Ins. Code, added as § 40.240 on Aug. 17, 1991, No. 72, § 1.