P.R. Laws tit. 22, § 1084
(a) The powers and authorities conferred upon the Corporation by this chapter shall be construed liberally so as to promote the development and implementation of the public policy established in this chapter. Except as otherwise provided by law, no approvals, notices, or authorizations, except for those specified in this chapter, shall be required with respect to the transactions and contracts authorized in or provided for in this chapter.
(b) In the event of conflict between this chapter and any other law, the provisions of this chapter shall prevail.
(c) Effective on the date that restructuring bonds are first issued under this chapter, any action allowed under this chapter and taken by the Corporation, the Commission, the Authority, a servicer or other collection agent, a financing entity, a holder of restructuring bonds or a party to an ancillary agreement, shall remain in full force and effect even if any provision of this chapter is held to be void or is voided, superseded, replaced, repealed, or expires for any reason.
(d) If any section, subsection, paragraph or subparagraph of this chapter or the application thereof to any person, circumstance, or transaction were held to be unconstitutional or invalid by a court with competent jurisdiction, said holding shall not affect the constitutionality or validity of any other section, subsection, paragraph, or subparagraph of this chapter or its application or validity to any person, circumstance, or transaction, including the irrevocability of any transition charge imposed pursuant to this chapter, the validity of the restructuring bonds or their issuance, the transfer or assignment of restructuring property, or the collection and recovery of transition charge revenues, but shall be limited in its operation to the clause, sentence, paragraph, subsection, section, or part thereof directly involved in the dispute where such judgment shall have been rendered. To such effects, the Legislative Assembly of Puerto Rico hereby declares that the provisions of this chapter are intended to be severable and that said Legislative Assembly would have approved this act even if any section, subsection, paragraph, or subparagraph of this chapter held to be unconstitutional or invalid had not been included in this chapter.
(e) The Corporation may include in the authorizing resolution or resolutions any terms and conditions deemed necessary for the issuance of restructuring bonds authorized by this chapter, including the consent to the application of New York State laws and to the jurisdiction of any state or federal court located in the Borough of Manhattan, New York City, New York, in the event of a lawsuit related to said restructuring bonds, and may also include in the trust agreement, the servicing agreement, and ancillary agreements that the same shall be governed by the laws of the State of New York. Notwithstanding the foregoing, all matters of law, and constitutional and statutory law of the Commonwealth of Puerto Rico (including this chapter and any restructuring resolution), all the rights of the Corporation or the servicer against any customer by virtue of this chapter, and of the effect of the judgments and decrees of the courts of the Commonwealth of Puerto Rico, shall in any case be governed by the laws of the Commonwealth of Puerto Rico. Notwithstanding any other provision in this chapter to the contrary, any proceeding commenced and conducted pursuant to the provisions of subsections (c) or (d) of § 1065 of this title shall be filed with the court and follow the procedures established in the subsections.
History —Feb. 16, 2016, No. 4, § 42.