P.R. Laws tit. 10, § 1674
2019-02-20 00:00:00+00
After the period for which the loan was contracted has expired, the creditor, unless there was an agreement to the contrary, and without necessity of notifying the debtor, shall be authorized to request the alienation of the securities, for which purpose he shall present them, with the instrument constituting the loan, to the board of directors, which, after finding their numeration correct, shall dispose of a sufficient amount thereof through a licensed agent, on the same day if it be possible, and otherwise on the next.
A lender can only make use of the said right during the hours of the exchange of the day following that on which the debt fell due.
History —Commerce Code, 1932, § 241.