2023 Laws of Puerto Rico › TITLE THIRTY-ONE - Civil Code (§§ 1 — 5305) › Subtitle 2 - Property Ownership and Its Modifications (§§ 1021 — 1875) › PART II-A - Timeshare (§§ 1251 — 1269d) › Chapter 147 - Puerto Rico Timeshare and Vacation Club Act (§§ 1251 — 1269d) › Subchapter XIII - Non-Judicial Procedure for Foreclosure and Sale (§§ 1268g — 1268n) › § 1268j - Notice of sale

Before conducting a non-judicial public sale pursuant to this section, the creditor will publish a notice of public sale in a newspaper of general circulation in Puerto Rico, once a week, for two (2) consecutive weeks prior to the date of the auction. The last notice must be published at least five (5) days prior to the date of the auction. The notice of auction shall include the following:
(1) The name, physical address and postal address of the creditor.
(2) That all the documentation corresponding to the foreclosure proceedings are available at the offices of the creditor and at the offices of the managing entity.
(3) That bidders at the non-judicial public sale agree to accept that the title to be conveyed pursuant thereto, and all preferential liens and encumbrances senior to the creditor’s lien, if any, will continue to encumber the timeshare or vacation club right and, the successful bidder at the non-judicial public sale accepts and agrees to be bound by the same and to assume all liabilities with respect thereto, and that none of the proceeds received from the non-judicial public sale will be used to pay off any such senior liens. The notice shall specify the amount of each senior lien or preferential lien or encumbrance and the name or names of the holders thereof and the date or dates when such obligations become due based on the records of the Registry of Property.
(4) The description of the right subject of the non-judicial public sale.
(5) The minimum sale price and other relative details regarding the non-judicial public sale.
(6) The date, time and place when the non-judicial public sale will be held.
The notice of non-judicial public sale shall also serve to announce the auction to creditors who have recorded or noted the rights over the property right to be sold junior to the credit being foreclosed or to holders of encumbrances or rights who may have subordinated them to the credit of the foreclosing creditor, and to owners, possessors, or holders of, or parties having an interest in instruments conveyable by endorsement, or to the bearer, which are secured by a mortgage junior to the creditor’s lien and on which the personal notification of the certificate of attachment would have no effect, stating in the text of the notice the names of all these interested parties, if they appear in the Registry of Property, the records of the creditor and of the managing entity so that they may attend the non-judicial public sale, if they so desire, which may be postponed without further notice, as provided in subsection (4) of § 1268 l of this title or before the non-judicial public sale is held, payoff the indebtedness, together with interests, and costs incurred by the creditor prior to the sale, whereupon such person will be subrogated in the rights of the creditor.
History —Dec. 26, 1995, No. 252, added as § 13-104 on July 29, 2010, No. 106, § 10.