2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 55A - Secured Transactions (§§ 2211 — 2409) › Subchapter VI - Default (§§ 2361 — 2388) › § 2385 - Remedies for secured party's failure to comply with chapter

(a) Judicial orders concerning noncompliance.— If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions.
(b) Damages for noncompliance.— Subject to subsections (c), (d), and (f) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.
(c) Persons entitled to recover damages; statutory damages in consumer-goods transaction.— Except as otherwise provided in§ 2388 of this title:
(1) A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) of this section for its loss, and
(2) if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this subchapter may recover for that failure in any event an amount not less than the credit service charge plus ten percent (10%) of the principal amount of the obligation or the time-price differential plus ten percent (10%) of the cash price.
(d) Recovery when deficiency eliminated or reduced.— A debtor whose deficiency is eliminated under § 2386 of this title may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under § 2386 of this title may not otherwise recover under subsection (b) of this section for noncompliance with the provisions of this subchapter relating to collection, enforcement, disposition, or acceptance.
(e) Statutory damages: noncompliance with specified provisions.— In addition to any damages recoverable under subsection (b) of this section, the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover $500 in each case from a person that:
(1) Fails to comply with § 2338 of this title;
(2) fails to comply with § 2339 of this title;
(3) files a record that the person is not entitled to file under § 2329(a) of this title;
(4) fails to cause the secured party of record to file or send a termination statement as required by subsection (a) or (c) of § 2333 of this title;
(5) fails to comply with § 2376(b)(1) of this title and whose failure is part of a pattern, or consistent with a practice, of noncompliance, or
(6) fails to comply with § 2376(b)(2) of this title.
(f) Statutory damages—noncompliance with § 2240 of this title.— A debtor or consumer obligor may recover damages under subsection (b) of this section and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under § 2240 of this title. A recipient of a request under § 2240 of this title which never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection.
(g) Limitation of security interest: noncompliance with § 2240 of this title.— If a secured party fails to comply with a request regarding a list of collateral or a statement of account under § 2240 of this title, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure.
History —Sept. 19, 1996, No. 241, added as § 9-625 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.