2023 Laws of Puerto Rico › TITLE TWENTY-ONE - Municipalities (§§ 1-4 — 6756) › Subtitle 7 - Municipal Property Tax (§§ 5001 — 6756) › PART I (§§ 5001 — 5252) › Chapter 245 - Attachment, Sale and Redemption of Property (§§ 5101 — 5120) › § 5109 - Attachment and sale of debtor’s assets—Auction; notice

The time, place and conditions under which said auction shall be held must be clearly stated in said notice. Upon expiration of the aforementioned period for the publication of said notice, or as soon as possible after its expiration, said property shall be sold by the Collection Center at public auction to the highest bidder. No offer whatsoever shall be accepted for a sum that is less than the amount fixed in § 5105 of this title for the auction. Neither shall it be accepted unless a cash deposit of ten percent (10%) of the amount of the offer is included; such a deposit will be forfeited if the buyer fails to pay the rest of the sum for which the property was sold within ten (10) days following the date of sale.
Within thirty (30) days after the auction is held, and after applying the corresponding amount to the payment of the debt, the Collection Center shall notify the taxpayer of the result of the auction, informing him/her of the remaining amount, should the adjudication price be greater than the debt to be collected, and also informing him/her whether the successful bidder was a third party or the Collection Center. Upon request of the taxpayer, the Collection Center shall be bound to deliver said remainder to him/her at any time within the term of one year from the date of the auction should the successful bidder be a third party able to certify that the taxpayer has conveyed ownership of the property to him/her, or that such a conveyance has been agreed upon to the satisfaction of both. In such a case the right of redemption granted by § 5114 of this title will be understood to be extinguished as soon as said amount is delivered to the taxpayer or his/her assignees. If the taxpayer has not exercised his/her right of redemption within one year, or if it has been extinguished, as provided above, the Collection Center shall be bound to notify the taxpayer or his/her assignees that the remainder is available for delivery after the right to the aforesaid has been established before it by the interested parties. When the adjudication has been made to the Collection Center, the taxpayer may request that the remainder be given to him/her at any time after he/she is notified of the result of the auction, and such a request will be interpreted as an offer to waive the right of redemption, which will be completed when the corresponding delivery is made to the taxpayer or his/her assignees. Said delivery must be made by the Collection Center or its representative. Prior to verifying the payment of the remainder to the taxpayer, the Collection Center may allow any instrumentality or agency of the Government of Puerto Rico to acquire the auctioned property should the nature of its business be compatible with said acquisition. In that case, the agency or instrumentality shall pay the remainder to the taxpayer or his/her assignees through the Collection Center, and pay the Collection Center the amount of the debt for payment of which the property was auctioned. The certificate from the Collection Center stating that both payments have been made will constitute sufficient title on the property in favor of the instrumentality or agency, said title being recordable at the Property Registry. The Collection Center shall make no payment whatsoever of the remainder to the taxpayer or his/her assignees prior to having conveyed possession of the real estate property.
History —Aug. 30, 1991, No. 83, § 4.09.