reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 115 - Extinguishment and Cancellation of Entries (§§ 2451 — 2473) › § 2471 - Conditions to appear in cancellation

Cancellation of any entry must necessarily contain the following conditions:
1st. The registration number or the notation letter which is being cancelled and the right to which it refers. When it refers to a marginal note of a right, its identifying elements shall be specified according to the order and location which it has regarding the main entry to which it is attached.
2nd. The cause or reason for the cancellation.
3rd. The names and personal data of the grantors or of the person or persons at whose request or with whose consent the cancellation is made, and when it is made in the name of a person other than the one in whose behalf the cancelled entry appears, the evidence proving the representation of the person requesting or giving his consent.
4th. The kind of document by virtue of which the cancellation is made and its date. If it is a deed, the name and address of the authorizing notary; if it is an administrative or judicial document, the court authority or public official authorizing it shall be specified.
5th. A statement that the corresponding entry was totally or partially cancelled.
6th. The part of the property that has disappeared or the part of the right that is extinguished, and that which remains, when there is a partial cancellation.
7th. The day and hour of presentation of the document in the Registry, by virtue of which the cancellation is made, as well as the number of the presentation entry and volume of the Day Book.
8th. The date of cancellation and the Registrar’s signature.
When a cancellation is in order because of a court decision or because of the title which produced the registry operation, in accordance with § 2458 of this title, the reason for the extinction of the registered right must be stated in the entry which is made, with a brief notation of the facts of the case.
History —Mortgage Law, 1979, § 147.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 115 - Extinguishment and Cancellation of Entries (§§ 2451 — 2473) › § 2472 - Omission of conditions; effect

The provisions in § 2321 of this title shall be followed regarding the statement on personal data established in the preceding section.
History —Mortgage Law, 1979, § 148.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 115 - Extinguishment and Cancellation of Entries (§§ 2451 — 2473) › § 2473 - Entries after notification of lawsuit; summons; cancellation free of charge

It shall be understood that persons recording their rights after a notation is made have been notified of the existence of the lawsuit for all legal purposes, and have consented to the cancellation of their entries in the event a property is sold judicially, although their titles are dated prior to the notation.
Should the judgment handed down grant recovery or admit the existence of a real right, action shall be taken in accordance with the provisions in this section, cancelling the contradictory entries made after the notation, or recording the declared rights, as the case may be.
In cases of mortgage foreclosures, those who have recorded or noted their rights after the mortgage and prior to the notation of a lawsuit, must be notified of the auction in accordance with the procedural law in force in the defendant’s case, without which the court cannot order the cancellation of these entries.
The defendant titleholder, who has appeared at the trial, as well as the third owner who has proceeded according to § 2414 of this title, must be summoned for the auction through his lawyers.
The cancellation of subsequent entries to those referred to in this section shall be made free of charge, and, in every case, must be ordered by the court by a mandamus in which each entry to be cancelled is indicated.
History —Mortgage Law, 1979, § 149; June 14, 1980, No. 143, p. 535.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 117 - Rectification of Errors in Entries (§§ 2501 — 2505) › § 2501 - Presentation entries or notes not made by virtue of title

Errors made by the Registrar while making an entry can be rectified as provided in the regulations.
When errors have been made in presentation entries or notes which are not made directly and specifically by virtue of a title, and in reference indications, they may be rectified even though the title motivating the registration may not be available, provided that the corresponding main registration is sufficient to reveal the error and it is possible to rectify the latter by it.
History —Mortgage Law, 1979, § 150.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 117 - Rectification of Errors in Entries (§§ 2501 — 2505) › § 2502 - Corrections which do or do not affect rights of registered titleholders; procedure

Errors made by the Registrar when making an entry may be rectified, provided they do not affect the rights of registered titleholders, either automatically or at the request of the interested party, provided the instrument motivating the action is at hand.
When rectification might affect the rights of registered titleholders, their consent or a judicial resolution ordering the rectification of the entries shall be required.
History —Mortgage Law, 1979, § 151.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 117 - Rectification of Errors in Entries (§§ 2501 — 2505) › § 2503 - Moving entry into folio of another property; procedure

When the error consists of making an entry in a folio belonging to a different property than the one in which it should have been made, the entry shall be moved to the appropriate place and folio, according to the provisions in the Regulations, provided that after the error was made no titles were registered which could be affected by the move, in which case the consent of all the interested parties or a judicial resolution to that effect shall be required.
History —Mortgage Law, 1979, § 152.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 117 - Rectification of Errors in Entries (§§ 2501 — 2505) › § 2504 - Lack of signature of registrar; action by registrar in charge of section

When the Registrar’s signature is missing from an entry, the Registrar in charge of the section may sign it if the note of registration was duly signed in the presentation entry in the Day Book. If not, the Registrar shall act if he deems that the entries were made lawfully. For this purpose, he may request the return of the documents on which the entries were based or other certified copies thereof.
History —Mortgage Law, 1979, § 153.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 117 - Rectification of Errors in Entries (§§ 2501 — 2505) › § 2505 - Effective date of rectification

Rectification of an error shall become effective on the date it took place, which date must appear in the rectification entry itself, without prejudice to the right which third parties may have to file suit for misrepresentation or nullity of the title referred to in the entry containing the error or in the entry itself.
History —Mortgage Law, 1979, § 154.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2551 - Effect; nature; voluntary or statutory

A mortgage directly and immediately binds an estate and the rights on which it is imposed, whoever its owner or titleholder may be, to the fulfillment of the obligation for the security of which it was constituted.
Recorded mortgages shall be strictly real encumbrances, permitting mortgage loans to be made regardless of any subsequent right that is acquired on the same property or mortgage rights.
Mortgages are voluntary or statutory.
History —Mortgage Law, 1979, § 155.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2552 - Security for obligation

A mortgage may be constituted to secure any kind of obligation and shall not alter the personal liability of the debtor which is established in § 5171 of Title 31.
History —Mortgage Law, 1979, § 156.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2553 - Real estate and rights which may be mortgaged generally

The following may be mortgaged:
1st. Real estate which can be recorded.
2nd. Rights which may lawfully be recorded and conveyed that are imposed on the property itself.
History —Mortgage Law, 1979, § 157.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2555 - Property and rights which may not be mortgaged

The following cannot be mortgaged:
1st. Easements, unless they are jointly mortgaged with the dominant estate.
2nd. Legal usufructs, except those granted by the Civil Code to surviving spouses.
3rd. Use and occupancy.
4th. Property and rights which are not included in § 2553 of this title.
History —Mortgage Law, 1979, § 159.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2556 - Coverage

A mortgage covers natural accessions, improvements and the proceeds from an indemnity granted or owed to the owner by the insurers of the mortgaged property or by virtue of government eminent domain, and the surplus area of a mortgaged property, even though this eventuality was entered in the Registry after the registration of the mortgage.
History —Mortgage Law, 1979, § 160.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2557 - Improvements or indemnity mortgaged along with property

In accordance with the provisions of the preceding section, the following shall be considered mortgaged along with the property, even if not mentioned in the contract, provided they belong to the owner:
1st. Improvements consisting of new plantings, irrigation or drainage projects, repairs, safety measures, alterations, conveniences, decoration or additions of stories to buildings, or any other similar improvements, and the annexation of land by natural accession.
2nd. Indemnity granted or owed to the owner of the mortgaged property, either from insurance, provided the damage took place after the mortgage was constituted, or by eminent domain. If any of these indemnities should be paid before the expiration of the obligation insured, and the one who is to pay it has been previously notified of the existence of the mortgage, the proceeds shall be deposited according to the wishes of the interested parties or, if there is no such agreement, as provided by the court.
History —Mortgage Law, 1979, § 161.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2558 - Property and rights not included

Unless there is a specific agreement or legal provision to the contrary, a mortgage, whatever the nature and form of the obligation that it secures, shall not include:
(1) Movable objects that are permanently placed on the mortgaged property, either for its decoration, comfort or development, or for industrial use, unless they cannot be removed without breaking the material or deteriorating the object.
(2) The crops, in whatever state they may be.
(3) Rentals which are due and unpaid at the time payment of the secured loan is required.
(4) The construction of new buildings where there were none before.
History —Mortgage Law, 1979, § 162.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2559 - Transfer to third owner; effect on movables and improvements

When a mortgaged property passes into the hands of a third owner without an obligatory debtor, the mortgage shall not cover movables permanently placed in the buildings, nor improvements that do not consist of repairs, safety measures or alterations, provided one or the other was paid for by the new owner.
History —Mortgage Law, 1979, § 163.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2560 - Sale of mortgaged property; effect

When a mortgaged property is sold and the seller and the purchaser should have agreed that the buyer shall subrogate himself not only with respect to the liabilities derived from the mortgage, but also with respect to the personal obligations secured therein, the seller shall be released from said obligations, if the creditor gives his express or tacit consent.
If there was no agreement to convey the obligation, but the buyer has deducted this amount from the sale price, or retained it, even though it is not so stated in the deed, and when the obligation was due it was paid by the debtor who sold the property, the latter shall be subrogated in the creditor’s place and stead until the purchaser reimburses the full amount owed.
History —Mortgage Law, 1979, § 164; June 14, 1980, No. 143, p. 535.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2561 - Accessions or improvements not mortgageable; rights of owner

The owner of the accessions or improvements, which are not understood to be mortgageable according to § 2557 of this title, may demand in every case or keep the objects involved, if the latter can be done without depreciating the value of the rest of the property.
If he demands payment for them, he may not delay fulfillment of the main obligation under the pretext of cashing in his right but rather shall have to collect what is due him from the price of the property itself when it is alienated to pay off the loan.
If the accessions or improvements cannot be removed without damaging the property, their owner shall collect what they cost, even though the amount left over may not be enough to cover the mortgage loan; but if they can be removed without said damage, and the choice is made, however, not to remove them, they shall be disposed of separately from the estate, and only their price shall be at the disposal of said owner.
History —Mortgage Law, 1979, § 165.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2562 - Interest-drawing loan; secured interest

Unless there is an agreement to the contrary, a mortgage granted on an interest-drawing loan shall only secure, with prejudice to a third party, in addition to the principal, interest for the last two years that have elapsed and the part due from the current annual payment.
No stipulation may be made in any case that the mortgage secures the interest for more than five years. When a lump sum is established in the deed for interest payments, it may not exceed the amount corresponding to five annual interest payments.
History —Mortgage Law, 1979, § 166.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2563 - Interest payments due; security; increase in mortgage

In order to secure interest payments that are due and not paid which were not guaranteed in accordance with the preceding section, the creditor may demand an increase in the mortgage on the mortgaged property itself from the debtor. In no case shall this increase prejudice the real rights recorded prior to it. If the mortgaged property does not belong to the debtor, the creditor may not demand that the aforementioned increase be constituted on it, but he may exercise an equal right with regard to any other property or rights belonging to the debtor that may be mortgaged.
History —Mortgage Law, 1979, § 167.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2564 - Ground rent; delinquent pension taxes; rights of creditor

A creditor of delinquent annual ground rent pension taxes may not claim restitution against the encumbered estate, with prejudice to another subsequent mortgage creditor or lender, except under the terms and with the restrictions established in the preceding §§ 2562 and 2563 of this title, but he may demand a mortgage in the event and with the limitations that he is entitled to demand on the encumbered estate.
History —Mortgage Law, 1979, § 168.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2565 - Deterioration of mortgaged property; avoidance of remedy or damage

When the mortgaged property deteriorates, substantially depreciating its value, because of the owner’s fault, negligence or consent, the creditor may request from the Court of First Instance in the Part where the property is located a pertinent resolution ordering the owner to do or not to do what may be in order, to avoid or to remedy the damage. If, in spite of said order, the owner continues to let it deteriorate, the Court may decree judicial administration of the property.
History —Mortgage Law, 1979, § 169.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2566 - Mortgage on several properties; liability for each specified; exceptions

When several properties are mortgaged at the same time by a single loan, the amount or part of the lien which each must be liable for shall be specified.
Excepted from what is provided above, mortgages are constituted to secure farmers’ argicultural loans, are redeemable by partial annual payments for a period not less than ten years, and interest no higher than the maximum permissible interest rate, in accordance with what is established by the legislation in force, when the mortgage debtor so recognizes or admits this in the mortgage deed, or by any other authentic means.
History —Mortgage Law, 1979, § 170.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2567 - Right to claim limited to fixed liability

After having recorded that part of the loan in the Registry for which each of the mortgaged properties or rights is liable, restitution may only be claimed against them with prejudice to a third party for the amount they are respectively affected, and that amount corresponding to interest, in accordance with the provisions in the preceding sections.
History —Mortgage Law, 1979, § 171.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2568 - Entire loan not covered by mortgage; right to claim against other properties

If the mortgage does not cover the entire loan, what is provided in the preceding section shall be understood not to be prejudicial to the creditor’s ability to claim restitution for the difference against the remaining mortgaged properties that the debtor owns, but without preference, as to said difference, for those who have acquired a real right on the same properties after the mortgage was recorded.
History —Mortgage Law, 1979, § 172.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2569 - Reduction of obligation; mortgage intact

The mortgage shall remain intact on the total mortgaged property as long as it is not cancelled, even though the secured obligation may be reduced, and on any part of the same property that is kept, even though the remainder has disappeared, but without prejudice to what is provided in the two following sections.
History —Mortgage Law, 1979, § 173.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2570 - Division of mortgaged property; effect

If a mortgaged property is divided into two or more properties, the mortgage loan shall only be distributed among them when the debtor and the creditor so agree. If this distribution is not made, the creditor may claim restitution for the total secured sum against any of the new properties into which the first has been divided, or against all of them at the same time.
History —Mortgage Law, 1979, § 174.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2571 - Division of mortgage; partial cancellation on demand

When a mortgage constituted to secure a loan has been divided among several properties and part of the loan with which one of them was encumbered is paid, partial cancellation of the mortgage on it may be demanded by the interested party.
If a portion of the loan paid could be applied to the release of one or more of the encumbered properties because it is not less than the amount of the special liability of each one, the debtor shall select the one that is to be released.
History —Mortgage Law, 1979, § 175.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2572 - Partial release

When only one property is mortgaged, or when there are several, and the liability of each has not been indicated because of the occurrence of cases foreseen in the second paragraph of § 2566 and in § 2570 of this title, no demand may be made for the release of any part of the mortgaged property regardless of what part of the loan the debtor has paid.
History —Mortgage Law, 1979, § 176.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2573 - Insufficient sale price; extinction of subsequent loans

When mortgage loans made by several creditors encumber one or several properties, and they are sold or judicially awarded for payment to the forecloser, so that the sale price does not exceed or equal the mortgage loan which is being liquidated, subsequent loans shall be understood to be extinguished de facto and de jure, and action shall be taken in accordance with the provisions in the second rule of § 2460 of this title. This shall be understood to be without prejudice to the remaining rights and actions that the deferred creditors may lawfully exercise against their debtor.
History —Mortgage Law, 1979, § 177.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2574 - Equality of due dates and mortgages; distribution of prorated price

Unless there is an agreement to the contrary, provided the payment of a credit secured by a mortgage is divided into several due dates, and if endorsable bearer titles have been issued, and when two or more mortgages have been constituted on a property or right in the same deed without establishing any priority, it shall be understood that none of said due dates or mortgages has preference over the others, respectively; and all shall enjoy equal rank and legal status, for the purposes of this subtitle. In the event the encumbered properties are sold judicially, and the price obtained in the auction does not cover the total of all the payments or mortgages, this price shall be prorated among the respective creditors in proportion to each one’s interest, and if any of the due dates or mortgages has not expired and the purchaser of the property or right does not wish to consign the part of the price that is in order, acquiring the property or right with the lien, it must so be recorded in the Registry, by virtue of a judicial order that at the same time shall specify the reduction made in the proceeds from the loans, in accordance with what was mentioned before.
History —Mortgage Law, 1979, § 178.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2575 - Appraised value noted in deed; indispensable requirement

So that foreclosure and collection of a mortgage loan may be made either in accordance with summary or ordinary procedures, it shall be indispensable that the mortgage deed include the specified price the mortgaged property or real right is appraised at by the interested parties, so that it may serve as a standard for the first auction which must be held.
Standards governing the second and third auctions are indicated in § 2721 of this title.
History —Mortgage Law, 1979, § 179.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2576 - Prescription of mortgage action

The mortgage action prescribes twenty years from the date it could have been brought in accordance with the recorded title.
History —Mortgage Law, 1979, § 180.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter I - Mortgages Generally (§§ 2551 — 2577) › § 2577 - Registrations and cancellations; applicable provisions

Registration and cancellation of mortgages shall be subject to the legal standards established in §§ 2251-2361 and 2451-2473 of this title for registrations and cancellations in general, without prejudice to the special standards included in this subtitle.
History —Mortgage Law, 1979, § 181.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2601 - Definition; authorized parties

Voluntary mortgages are those agreed to between parties, or imposed by order of the owner of the properties or rights on which they are constituted, and may only be established by those having free disposal of these properties or rights, or, if they do not have it, they do have the legal authority to do so.
History —Mortgage Law, 1979, § 182.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2602 - Establishment by himself or agent; nullity of mortgage granted by unauthorized person

Those who have the authority in accordance with the preceding section to establish voluntary mortgages may do so themselves or through an agent.
A mortgage granted by someone who does not have the right to do so shall not be ratified even though the grantor may later acquire this right.
History —Mortgage Law, 1979, § 183.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2603 - Obligation limited to mortgaged property

Notwithstanding the provisions in § 2552 of this title, a valid agreement may be reached in the deed constituting a voluntary mortgage, so that the secured obligation may only be effective on the mortgaged property.
In this case, the debtor’s liability and the creditor’s action shall be limited by virtue of the mortgage loan to the value of the mortgaged property and shall not touch the other assets belonging to the debtor.
When the mortgage thus constituted affects two or more properties, and the value of one of them does not cover that part of the loan it is liable for, the creditor may only claim restitution for the difference against the other mortgaged properties in the manner and with the limitations established in § 2568 of this title.
History —Mortgage Law, 1979, § 184.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2604 - Future obligation or subject of suspensive condition; effect on third party

A mortgage constituted for the security of a future obligation or subject to a recorded suspensive condition shall become effective against a third party from the date of its registration, if the obligation is, in fact, contracted or the condition fulfilled.
If the secured obligation is subject to a recorded resolutory condition, the mortgage shall be effective for a third party until fulfillment of the condition is attested to in the Registry.
History —Mortgage Law, 1979, § 185.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2605 - Unilateral constitution in favor of certain person; acceptance and registration

When voluntary mortgages are constituted by a unilateral act of the owner of the property or right mortgaged in favor of a certain person, the latter’s acceptance shall be entered in the Registry by a note, the effects of which shall be retroactive to the date of its constitution.
If the acceptance of the person in whose favor the mortgage was constituted is not attested to by a notary within two months from the date on which it was required of him, said mortgage may be cancelled at the request of the owner of the property or right and by virtue of the corresponding cancellation deed, without need of the consent of the designated person in whose favor it was constituted.
History —Mortgage Law, 1979, § 186.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2606 - Transaction or agreements which affect obligation; effect; novation; new registration

Any transaction or agreement between the parties that may modify or destroy the validity of a prior mortgage obligation, such as a payment, compensation, grace period or extension, the agreement or promise not to request the substitution of the original contract and the transaction or commitment shall not become effective against a third party, unless it appears in the Registry as a new registration, as a total or partial cancellation, or as a notation, whichever is applicable.
If a transaction or agreement between the parties leads to a total or partial substitution of the recorded contract, a new registration shall be made and the preceding one shall be cancelled. When it motivates the resolution and nullity of the same contract, wholly or partially, a partial or total cancellation shall be made. And when its purpose is to put into effect a recorded contract with a pending suspensive condition, a note shall be made.
History —Mortgage Law, 1979, § 187.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2607 - Requirements for valid constitution

In order for voluntary mortgages to be validly constituted, it is required:
First.— That they be stipulated in a deed.
Second.— That the document be recorded in the Property Registry.
—Mortgage Law, 1979, § 188.
History
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2608 - Exchange or postponement; requirements

A recorded mortgage may be exchanged for another of lower rank or postponed for another to be constituted in the future in accordance with the following requirements:
First.— That the creditor who is exchanging or is going to postpone expressly consents to the exchange or postponement in a public document.
Second.— That the exchange or postponement has the consent of future or intermediate creditors who appear in the Registry. In the event of an exchange or postponement, the holders of liens on the postponed or exchanged mortgage must always give their consent.
Third.— That when a future mortgage is converted into one of higher rank, the maximum liability as to capital, interest costs or other concepts must be determined, as well as its maximum duration.
Fourth.— That the mortgage that is to have preference, whether it be a future mortgage or one granted simultaneously, be recorded within the term necessarily agreed upon to such effect, which must not exceed four years.
After the expiration of the term indicated in number four, if the new mortgage has not been recorded the right to postponement shall expire.
The recording of a postponement in favor of a future mortgage shall only affect third persons acquiring the postponed mortgage.
History —Mortgage Law, 1979, § 189.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2609 - Interest on loan—Requirements for security

Interest on the loan shall only be considered secured by the mortgage in the manner prescribed in §§ 2562 and 2563 of this title when the stipulation and amount of said interest arise from the registration itself. The mortgage creditor may claim restitution against the mortgaged property for payment of the interest due, regardless of the date on which the capital must be refunded; but if there is a third person interested in this property who could be injured by the restitution claim, the amount claimed in the restitution claim may not be more than that guaranteed in accordance with § 2562 of this title.
History —Mortgage Law, 1979, § 190.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2610 - Interest on loan—Claim by civil suit

That part of the interest that the creditor cannot demand in a mortgage foreclosure may be claimed from the obligated person in a civil suit, except in the case foreseen in § 2603 of this title.
History —Mortgage Law, 1979, § 191.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2611 - Mortgaged ground rent leasehold; redemption; right of mortgage creditor

When a mortgaged ground rent leasehold is redeemed, the mortgage creditor shall have the right to make the redeemer, at his option, either pay off the whole loan with the interest due and to become due, or take over his own mortgage on the property encumbered with the leasehold. In the latter case, a new mortgage registration shall be made, which shall clearly express this fact and become effective on the date of the previous registration.
History —Mortgage Law, 1979, § 192.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2612 - Alienation, cession or submortgage of mortgage credit—Effect on third party

Alienation, cession or submortgaging of the mortgage credit shall affect a third party from the date of its recording in the Registry.
The mortgage debtor shall not remain obligated by this contract by more than he is by his own, provided he has been notified in accordance with the following section. The cessionary shall subrogate himself to all the rights of the conveyer.
History —Mortgage Law, 1979, § 193.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2613 - Alienation, cession or submortgage of mortgage credit—Notice; responsibility for failure to notify

A notarized notice of the mortgage credit cession contract, submortgage or any other form of alienation of the loan shall be given to the debtor or titleholder of the property if they are different persons, unless the case in § 2614 of this title is applicable. Notification of the cession to the debtor shall appear in the registration, and if the document attesting to presentation of the notification is presented in the Registry after registration is made, the corresponding note shall be entered. When it is in order to inform the debtor of the cession of the mortgage loan, and this requirement is omitted, the conveyer shall be liable for any damages to the cessionary caused by this error.
History —Mortgage Law, 1979, § 194.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2614 - Titles by endorsement or to bearer secured by mortgage— Conveyance of mortgage right

When a mortgage is constituted to secure titles conveyable by endorsement or to the bearer, the mortgage right shall be considered conveyed along with the title, without the need of making it known to the debtor or noting the conveyance in the Registry.
History —Mortgage Law, 1979, § 195; June 14, 1980, No. 143, p. 535.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2615 - Titles by endorsement or to bearer secured by mortgage—Deed to guarantee title; content

A mortgage deed to guarantee titles conveyable by endorsement or to the bearer shall consign, in addition to data usually included in all mortgage loans, those regarding the number and value of the titles issued, their corresponding serial numbers, the date or dates issued, the terms and manner in which they shall be paid off and any other data that may serve to determine the conditions of said titles; and when they are to the bearer, it shall be expressly shown that the mortgage is constituted in favor of their present or future holders. Therefore, the date and number of the deed and the authorizing notary must also appear in the titles issued.
In the mortgage deeds originated to guarantee title to the bearer and in mortgages to guarantee titles conveyable by endorsement to a natural or juridical person, the appearance of the natural or juridical person to whom the same are issued shall not be necessary. The provisions of § 2605 of this title shall not be applicable to these mortgages.
History —Mortgage Law, 1979, § 196; June 19, 2008, No. 95, § 1.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2616 - Lines of credit; mortgage deed content

A mortgage may also be constituted to secure lines of credit, specifying in the deed the maximum amount the mortgaged property or right is liable for, and the date or maturity, showing whether the latter is extensible or not, and, if it is, the allowable extension time and the terms for liquidating the account.
History —Mortgage Law, 1979, § 197.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2617 - Periodic income or remittances; constitution of secured mortgage; conditions; effect

A mortgage may be constituted to secure periodic income or remittances by an agreement between the parties or by a unilateral act. When it is constituted by a unilateral act of the owner of the mortgaged property or right, the provisions in § 2605 of this title shall apply. If it is constituted in a last will and testament, the will, accompanied by the necessary complementary documents, shall be sufficient title to record it. The acceptance of the person collecting the rent or the beneficiary of the remittances may be given in the deed of partition of the estate or in a separate deed.
Any person auctioning the properties encumbered with the mortgage indicated in this section shall acquire them with its subsistence and that of the obligation to pay the rent or remittances until it expires or is extinguished. The mortgage shall have the same effect on third parties; but with respect to rentals due and those unpaid, third parties shall only be injured in the manner indicated in §§ 2562 and 2563 of this title.
Unless there is an agreement to the contrary, six months after the date consigned in the Registry, when the last rent or remittance should have been made, the titleholder of the mortgaged property or right may request cancellation of the mortgage, provided there is no record of any entry indicating that the contract has been modified or a suit filed against the debtor for the payment of said rentals or remittances.
An agreement to the contrary authorized in the preceding paragraph may not, in any case, exceed five years.
History —Mortgage Law, 1979, § 198.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter II - Voluntary Mortgages (§§ 2601 — 2618) › § 2618 - Third party, subsistence of mortgage

As long as a registration is not cancelled, the mortgage shall subsist for a third party.
History —Mortgage Law, 1979, § 199.
2023 Laws of Puerto Rico › TITLE THIRTY - Mortgage Law and Regulations (§§ 1-5 — 5005) › Subtitle 4 - Mortgage and Property Registry Act of 1979; General Provisions (§§ 2001 — 2821) › Chapter 119 - Mortgages (§§ 2551 — 2651) › Subchapter III - Statutory Mortgages (§ 2651) › § 2651 - Nature; titleholders; preference

A statutory mortgage is constituted in favor of the Commonwealth of Puerto Rico, the Center for Collection of Municipal Incomes of the Commonwealth of Puerto Rico, and its corresponding municipalities on the taxpayers’ property for land taxes pertaining to the last five annual assessments and for current unpaid taxes encumbering it. This statutory mortgage is implicit and specifies a preference in favor of its titleholders above all other creditors and over the third acquirer, even though he may have recorded his rights.
History —Mortgage Law, 1979, § 200; Aug. 30, 1991, No. 83, § 7.07.