P.R. Laws tit. 13, § 49
The giving of an undertaking may be dispensed with in the following cases:
(a) Where the loss, stealing, destroying, disfiguring, defacing or erasure in whole or in part has occurred while the security was under the custody or control of a natural or artificial person acting as a legitimate representative of the Commonwealth of Puerto Rico, of its dependencies, entities or public corporations, of a municipality, or of a political subdivision of Puerto Rico.
(b) Where surrender is made of a security or an essential fragment thereof, and the Secretary of the Treasury, or the director, head or administrator of the corresponding dependency, entity, public corporation or political subdivision of the Government of Puerto Rico which has issued the security is satisfied of its identity and that any missing portion thereof is not sufficient ground for a valid claim against the Commonwealth of Puerto Rico or any organization or public dependency issuing the security.
(c) Where the owner or holder of the security is the Commonwealth of Puerto Rico or an officer thereof acting in his official capacity, or the Government of the United States, any state of the Union, the District of Columbia, or a territory or possession of the United States, or a municipal corporation or political subdivision of any of said governments or entities, or a corporation whose aggregate capital stock is owned by the Government of the United States, by the Commonwealth of Puerto Rico, or by both, or by a foreign government, or by a fiscal agent of the Commonwealth of Puerto Rico, or by a banking institution depository of funds of the Commonwealth of Puerto Rico, or by a Federal Reserve Bank.
(d) Where by provision of law the security is not negotiable, or where by the terms of the issuance the security is transferable only through legal action, and the claim is made by its owner or his lawful heir or heirs, or by a representative legally authorized by the owner or his lawful heir or heirs.
The foregoing provisions of this section notwithstanding, the undertaking may be required in any case in which it is deemed necessary for the protection of the interests of the Commonwealth of Puerto Rico or of the organization or public dependency which has issued the security.
History —May 22, 1956, No. 20, p. 48, § 4.