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COMMERCIAL TRANSACTIONS > SECURED TRANSACTIONS
Short Summary
The provided legal document content consists of various provisions related to secured transactions and commercial transactions in Puerto Rico. It covers definitions and index of definitions for terms used in these transactions, including concepts such as collateral, debtor, financing statement, security agreement, and more. The document also addresses specific topics such as purchase-money security interests, control of deposit accounts, control of electronic chattel paper, control of investment property, control of letter-of-credit rights, control of life insurance policies, sufficiency of description in secured transactions, and exemptions to the application of the chapter. The document does not mention any specific penalties for non-compliance or violation of its provisions. These legal documents pertain to secured transactions in Puerto Rico and cover various aspects related to the attachment and enforceability of security interests, rights and obligations related to collateral, permissibility of using or disposing of collateral, duties of a secured party with possession or control of collateral, duties of a secured party with control of collateral, duties of a secured party when the account debtor has been notified of an assignment, and requests for accounting, list of collateral, and statement of account. The documents outline the conditions under which a security interest becomes enforceable against the debtor and third parties, including the requirement of value given and the debtor’s rights or power to transfer rights in the collateral. They also specify various scenarios in which a security interest can be attached, such as possession of non-certificated collateral, delivery of a security certificate, or control over certain types of collateral. The documents address the attachment of security interests in proceeds, supporting obligations, liens securing rights to payment or performance, securities accounts, and commodity accounts. They provide guidelines and obligations for secured parties in relation to collateral, including the duty to use reasonable care in custody and preservation, the right to use or operate the collateral, and the duty to respond to requests for accounting, list of collateral, and statement of account. The documents do not mention any specific exemptions or penalties for non-compliance. The provided legal document content pertains to the perfection and priority of security interests in various types of collateral in commercial transactions in Puerto Rico. It covers the rules for determining the governing law, perfection, effect, and priority of security interests in different types of assets, including negotiable instruments, deposit accounts, investment property, letter-of-credit rights, and agricultural liens. The documents specify that the law of the jurisdiction where the debtor is located determines the perfection, effect, and priority of security interests in collateral. Similarly, the law of the jurisdiction where the collateral is located governs the perfection, effect, and priority of possessory security interests in that collateral. The documents also outline rules for determining the jurisdiction and applicable law for determining the perfection and priority of security interests in deposit accounts, investment property, and letter-of-credit rights. Additionally, the documents address the location of debtors in commercial transactions and the priority of security interests in various types of collateral. No specific exemptions or penalties are mentioned in these documents. This legal document, governed by the Laws of Puerto Rico, specifically addresses the rights and obligations related to the assignment of claims and defenses in commercial transactions. It states that an agreement between an account debtor and an assignor not to assert any claim or defense against an assignee is enforceable under certain conditions. The assignee must have taken the assignment for value, in good faith, without notice of any property or possessory rights claims, and without notice of certain defenses or claims in recoupment. However, this agreement does not apply to defenses that can be asserted against a holder in due course of a negotiable instrument. Additionally, in consumer transactions, if a record does not include a required statement regarding the rights of an assignee, the account debtor may assert claims and defenses as if the statement were included. It is important to note that this document is subject to other laws that establish different rules for individual account debtors who incurred obligations primarily for personal, family, or household purposes. Overall, this document provides guidelines for the assignment of claims and defenses in commercial transactions, while also considering specific exceptions and consumer protection measures. The provided legal document content covers various aspects of secured transactions and the filing of financing statements in Puerto Rico. It includes information on the filing offices based on the type of collateral involved, the sufficiency of financing statements, the indication of collateral, compliance with other statutes and treaties, the effect of errors or omissions in financing statements, the effectiveness of financing statements, the assignment of powers of a secured party, the duration and effectiveness of financing statements, the duties of filing offices, the acceptance and refusal to accept records for filing, the maintenance and destruction of records, the acknowledgment of filing written records and other records, the communication of requested information, the medium for communicating information, the timeliness of filing office performance, the public availability of records, the fees charged by filing offices, and the adoption and publication of filing-office rules. These documents apply to persons involved in secured transactions, secured parties, debtors, filing offices, persons presenting records for filing, persons filing written records, persons filing records other than written records, and any person requesting information from the filing office. No specific exemptions or penalties are mentioned in these documents. This legal document, part of the Laws of Puerto Rico, specifically addresses the rights and actions available to secured parties, debtors, and obligors after default in commercial transactions. After default, a secured party has the right to reduce a claim to judgment, foreclose, or enforce the claim through judicial procedures. If the collateral is in the form of documents, the secured party can proceed with either the documents or the goods they cover. A secured party in possession or control of collateral has specific rights and duties. The rights provided in this document are cumulative and can be exercised simultaneously. Debtors and obligors also have rights after default. The security interest continues even after the secured party has reduced its claim to judgment. A judicial sale pursuant to a judgment is considered a foreclosure of the security interest. The document also mentions that a consignor or buyer of certain rights to payment is not subject to specific duties imposed by this subchapter. Overall, this document provides guidance on the rights and actions available to parties involved in secured transactions after default. These legal documents, part of the Laws of Puerto Rico, cover various aspects of negotiable instruments, commercial transactions, and secured transactions. The first document states that the act applies to transactions or liens, even if entered into before the act takes effect, and that validly entered into transactions and liens remain valid after the act takes effect. It also clarifies that the act does not affect ongoing actions, cases, or proceedings. The second document addresses the priority of security interests over lien creditors, stating that a security interest enforceable before the act takes effect and satisfying the applicable requirements is considered perfected under this chapter. If the requirements are not initially satisfied, the security interest is considered perfected for three years, but must become enforceable and satisfy the requirements within that period to remain perfected. The third document applies to security interests enforceable before the act takes effect but subordinate to lien creditors. It states that such security interests remain enforceable for three years after the act takes effect and can remain enforceable thereafter if they become enforceable under 2233 of this title. The security interests become perfected when the applicable requirements for perfection are satisfied. The fourth document pertains to pre-effective-date actions and filings, specifying that certain actions taken before the act takes effect can perfect a security interest within three years after the act takes effect. An attached security interest becomes unperfected after three years unless it becomes perfected within that period. The document also addresses the effectiveness of pre-effective-date filings and continuation statements. The fifth document discusses the continuation of effectiveness of financing statements, stating that filing an initial financing statement can continue the effectiveness of a pre-effective-date financing statement. The period of continued effectiveness depends on whether the initial financing statement is filed before or after the act takes effect. The sixth document provides guidelines for amending and terminating pre-effective-date financing statements, specifying that amendments must comply with the law of the jurisdiction governing perfection. The seventh document allows the filing of initial financing statements or continuation statements to continue the effectiveness or perfect a security interest. These documents apply to parties involved in transactions or liens governed by the act, security interest holders, lien creditors, and filers of financing statements. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Parties involved in secured transactions, secured parties, debtors, filing offices, persons presenting records for filing, persons filing written records, persons filing records other than written records, any person requesting information from the filing office
What does it govern?
Secured transactions, commercial transactions, assignment of claims and defenses, filing of financing statements, rights and actions after default
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Puerto Rico