P.R. Laws tit. 30, § 2603

2019-02-20 00:00:00+00
§ 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.