2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 2 - Taxation In General (§§ 161 — 393) › Chapter 42B - Act to Transfer the Right to Collect Tax Receivables of Puerto Rico of 2008 (§§ 354 — 354m) › § 354h - Certificate of sale or transfer

(a) The Department of the Treasury shall deliver to the buyer or acquirer of tax receivables or the right to receive payments on account of tax receivables, a certificate of sale or transfer for each delinquent taxpayer, upon receipt of payment for said sale or transfer. Furthermore, by request of a buyer or acquirer, the Department of the Treasury may issue and remit a certificate of sale or transfer corresponding to more than one delinquent taxpayer. Each certificate of sale or transfer shall identify the delinquent taxpayer, including his/her last known address, the buyer or acquirer thereof, the amount of the payments on account of tax receivables whose right to receive such payments has been sold or transferred, the economic years to which the same correspond, the amount subject to attachment and sale of delinquent taxpayer’s property, if any, and any other information as the Department of the Treasury may provide. The certificate of sale or transfer shall also state that under no circumstance shall it be construed that the sale or transfer of tax receivables or the right to receive payments on account of tax receivables or any interest thereon constitutes a financing mechanism for or a loan granted to the Department of the Treasury, the Commonwealth of Puerto Rico, its instrumentalities, subdivisions and agencies.
(b) The certificate shall constitute attesting proof of the sale or transfer of the tax receivables or the right to receive payments on account of tax receivables or any interest thereon for any legal purpose and in any judicial or administrative proceeding.
(c) The Department of the Treasury shall not retain rights or obligations in relation to the right to receive payments on account of tax receivables or any interest thereon, even when he/she continues to be the nominal title owner of such tax receivables, once the transaction has been conducted and the certificates of sale or transfer have been delivered, except for the provisions of § 354c of this title and the right to receive the payment of the sales or transfer price, including any note or other obligation delivered to the Department of the Treasury as part of the deferred sales or transfer price, or other provision thereof, or as provided in the contract of sale or transfer. Except in the situations provided under § 354k of this title, no provision of this chapter shall be construed to constitute a guarantee from the Department of the Treasury as to the ability to collect such tax receivables.
(d) The Department of the Treasury shall establish through regulations, the procedure to be observed for the conservation and updating of the copies of certificates of sale or transfer and other documents relative to the sale or transfer of the right to receive payments on account of tax receivables or any interest thereon.
(e) In the case of sale, assignment, transfer, pledging, constitution of a personal property lien or other disposition of the right to receive payments on account of tax receivables or any interest thereon by the original buyer or acquirer, or any owner subsequent thereof, such a subsequent buyer or owner shall notify the Department of the Treasury of such a transaction, as the Department of the Treasury may provide. The new acquirer of the right to receive payments on account of tax receivables or any interest thereon, shall deliver the certificate of sale or transfer thus acquired to the Department of the Treasury, in order for the latter to issue a new certificate of sale or transfer in the manner established in subsection (a) of this section. Notwithstanding the provisions of the Puerto Rico Civil Code, the Business Transaction Act or any other law providing otherwise, a personal property lien or pledge on a certificate of sale or transfer shall be constituted and perfected and shall be effective against third parties, upon delivery to, and upon maintenance of continuous physical possession of the certificate of sale or transfer by, the creditor, the insured party or a third party authorized to act on behalf of any of the former.
(f) Upon payment to the owner of the certificate of sale or transfer, as well as the applicable interest, surcharges and penalties, such an owner shall be under the obligation to deliver such a certificate to the Department of the Treasury.
History —July 20, 2008, No. 125, § 11.