P.R. Laws tit. 31, § 1268m
(1) A non judicial public sale carried out in accordance with this section excludes and extinguishes all interests in the individual accommodation, real property timeshare or vacation club right of all persons and/or entities holding recorded liens in the Registry of Property junior to the lien foreclosed upon.
(2) On the day of the public sale, upon receipt of the bid amount, the lien of the foreclosing mortgagor shall be deemed cancelled by virtue of the payment to said creditor of the proceeds of the public sale, if it is not the winning bidder, which cancellation shall be done in the same deed of sale or in a separate deed.
(3) The deed of transfer of rights (“escritura de transmisión de derecho”) shall be recordable in the Registry of Property upon payment of the corresponding filing fees and recording fees.
History —Dec. 26, 1995, No. 252, added as § 13-107 on July 29, 2010, No. 106, § 10.