P.R. Laws tit. 31, § 1268h
(1) If the mortgagor or the owner of the real property right over the timeshare or vacation club right (hereinafter referred to as the “debtor”) defaults on its payment obligation under § 1268a of this title, or the mortgage contract encumbering the real property right over the timeshare or vacation club right, the creditor shall serve notice on the debtor, by certified mail, return receipt requested, of a demand for payment, executed under oath before a notary public, which shall conform to the following:
(a) Addressed to the debtor or if a different person is the owner, to the titleholder as reflected in the records maintained by the managing entity.
(b) Total amount due and payable.
(c) A warning in bold, conspicuous type that if within thirty (30) days from the date of receipt of said demand for payment, the default has not been cured, the non judicial foreclosure and public sale proceedings of the individual accommodation, the real property timeshare or vacation club right encumbered by said obligation shall be commenced.
(2) Upon expiration of the aforesaid term of thirty (30) days, the creditor may obtain a cautionary notice of attachment of the individual accommodation, the real property timeshare or vacation club right of the debtor, without any other requirement than the filing in the Registry of Property of a certificate of attachment executed by an authorized representative of creditor under oath before a notary public stating the following:
(a) Name and social security number or employer identification number of the debtor, and of the current owner, if a different person, as reflected in the records of the managing entity (however, the validity of the certificate of attachment shall not be affected if the social security number or employer’s identification number is omitted or if an incorrect social security number or employer’s identification number is included).
(b) The information described in § 1264(1)(b) of this title.
(c) The recording data of the right that will be subject to the cautionary notice.
(d) The total amount of the indebtedness.
(e) That the said indebtedness if due and payable in full.
(f) The steps taken to demand payment and that in spite thereof, the amount owed has not been paid.
After filing the certificate of attachment in the Registry of Property, a copy shall be delivered to the debtor and/or the current owner, if it is a different person, by certified mail, return receipt requested, and such copy shall be deemed sufficient notice of the attachment and thereafter the foreclosure proceedings provided for in this chapter may commence.
(3) A copy of the certification of attachment shall also be sent by certified mail, return receipt requested to all junior lien holders and to the holders of other real property rights inferior to the right being foreclosed, whose identity appears from the Registry of Property, which would be those who may have acquired a secured credit or real property right subsequent to the right being foreclosed and which are deemed inferior in rank.
(4) Immediately after the filing of the certification of attachment, the Registrar in charge of the corresponding Section of the Registry of Property must record the same and return it within sixty (60) days to the creditor confirming the registration thereof, and in such case shall charge a fee as established in §§ 2001 et seq. of Title 30, better know[n] as the “Mortgage Act of Puerto Rico”.
(5) Upon the subsequent filing of the certificate of sale of the attached right, the cautionary notice of attachment shall be of no further force and effect, and may be cancelled as provided in §§ 2456 and 2465 of Title 30, upon payment of a fee corresponding to a marginal notation with no value.
(6) The individual accommodation, real property timeshare or vacation club right may be sold by public sale to satisfy the indebtedness and the date of said sale shall be no less than thirty (30) days after receipt by the debtor of the certified copy of the certificate of attachment. If the return receipt attesting to the delivery of the certification of attachment to the persons mentioned in subsections (2) and (3) of this section is not received from the United States Postal Service, the creditor may only foreclose on its lien pursuant to the judicial procedure established in this chapter.
History —Dec. 26, 1995, No. 252, added as § 13-102 on July 29, 2010, No. 106, § 10.