P.R. Laws tit. 23, § 5060
The fees, rent, charges and all other income earned by the Corporation from the project related to the bonds of any issue, except for the part that may be necessary for paying the costs of the Corporation incurred in said project and to provide reserves, if any, that may be provided in the trust contract that guarantees said bonds, shall be deposited regularly in a reserve fund for the payment of the debt service, as provided in the trust contract, which is hereby offered to guarantee the payment of the principal and interest on said bonds as they become due and the call price or purchase price of bonds withdrawn due to redemption or purchase, as provided. The guarantee shall be valid and binding from the time in which it is constituted. The fees, rent, charges and other income and monies offered in guarantee and those received afterwards by the Corporation shall immediately be subject to lien without the need to physically deliver them or the need for any other act, and said lien shall be valid and binding and shall prevail against any third party that holds any kind of claim against the Corporation for damages or breach of contract or any other reason, regardless of whether or not said third party has been notified of this matter. Neither the trust contract nor the financing contract for which a collateralization agreement is formalized or for which the rights of the Corporation over any income are assigned, need to be filed or registered to finalize the lien over the same against any third party, except in the files of the Corporation. The use and disposition of the monies to the credit of the redemption fund for the payment of the debt service shall be subject to the provisions of such a trust contract. The referred redemption fund for the payment of the debt service shall be a fund for such bonds without distinction or priority of one over the other, unless otherwise provided in the trust contract.
History —Sept. 24, 2004, No. 489, § 31.