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https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/507/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 507 - Instrumen... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 507 - Instrument payable in foreign money | Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/508/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 508 - Payable o... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 508 - Payable on demand or at definite time | (a) A promise or order is “payable on demand” if it: (1) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or (2) does not state any time of payment.
(b) A promise or order is “payable at a definite time” if it is payable on elapse of a definite period... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/509/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 509 - Payable t... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 509 - Payable to bearer or to order | (a) A promise or order is payable to bearer if it:
(1) States that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment;
(2) does not state a payee, or
(3) states that it is payable to or to the order of cash or otherwise i... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/510/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 510 - Identific... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 510 - Identification of person to whom instrument is payable | (a) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or [on] behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer even if that person is identified in the instrument b... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/511/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 511 - Place of ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 511 - Place of payment | Except as otherwise provided for items in §§ 801-1004 of this title, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/512/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 512 - Interest | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 512 - Interest | (a) Unless otherwise provided in the instrument: (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument.
(b) Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variabl... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/513/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 513 - Date of i... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 513 - Date of instrument | (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after [the] date. Except as provided in § 951(c) of this title, an instrument payable on demand is not payable before the date of the instrument.
(b) If an instrument is undated... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/514/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 514 - Contradic... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 514 - Contradictory terms of instrument | If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers.
History —Aug. 17, 1995, No. 208, § 2-114; Aug. 31, 1996, No. 176, § 2. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/515/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 515 - Incomplet... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 515 - Incomplete instrument | (a) Incomplete instrument. — Means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers.
(b) Subject to subsection (c) of this section, if an incomplete instrumen... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/516/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 516 - Joint and... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 516 - Joint and several liability; contribution | (a) Except as otherwise provided in the instrument, two (2) or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign.
(b) Except as provided in § 669(e) of... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/517/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 517 - Other agr... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 517 - Other agreements affecting instrument | Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issu... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/518/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 518 - Statute o... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 518 - Statute of limitations | (a) Except as provided in subsection (e) of this section, an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within three (3) years after the due date or dates stated in the note or, if a due date is accelerated, within three (3) years after the accelerated due dat... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-i/519/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter I - General Provisions and Definitions (§§ 501 — 519)›§ 519 - Notice of... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter I - General Provisions and Definitions (§§ 501 — 519) › § 519 - Notice of right to defend action | In an action for breach of an obligation for which a third person is answerable [to] pursuant to §§ 501-755 of this title or §§ 801-1004 of this title, the defendant may give the third person written notice of the litigation, and the person notified may then give similar notice to any other person who is answerable [to... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-ii/551/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557)›§ 551 - Nego... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557) › § 551 - Negotiation | (a) Negotiation. — Means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.
(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession o... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-ii/552/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557)›§ 552 - Nego... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557) › § 552 - Negotiation subject to rescission | (a) Negotiation is effective even if obtained: (i) from a minor, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction.
(b) To the extent permitted by the law in Puerto Rico, negotiation may be rescinded or ma... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-ii/553/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557)›§ 553 - Tran... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557) › § 553 - Transfer of instrument; rights acquired by transfe... | (a) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument.
(b) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enfo... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-ii/554/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557)›§ 554 - Indo... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557) › § 554 - Indorsement | (a) Indorsement. — Means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of: (1) negotiating the instrument, (2) restricting payment of the instrument, or (3) incurring indorser’s liability on the instrument, but r... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-ii/555/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557)›§ 555 - Spec... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557) › § 555 - Special indorsement; blank indorsement; anomalous ... | (a) If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a “special indorsement.” When specially indorsed, an instrument becomes payable to the identified person and ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-ii/556/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557)›§ 556 - Rest... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557) › § 556 - Restrictive indorsement | (a) An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of the instrument.
(b) An indorsement stating a condition to the right of the indorsee to receive payment does not affect the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-ii/557/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557)›§ 557 - Reac... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter II - Negotiation, Transfer, and Indorsement (§§ 551 — 557) › § 557 - Reacquisition | Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel by striking indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/601/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 601 - Person entitled... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 601 - Person entitled to enforce instrument | Person entitled to enforce an instrument. — Means: (1) the holder of the instrument, (2) a nonholder in possession of the instrument who has the rights of a holder, or (3) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to §§ 609 and 668(d) of this title. A person may be ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/602/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 602 - Holder in due c... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 602 - Holder in due course | (a) Subject to subsection (c) of this section and § 506(d) of this title, “holder in due course” means the holder of an instrument if:
(1) The instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into q... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/603/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 603 - Value and consi... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 603 - Value and consideration | (a) It shall be understood that an instrument is issued or transferred for value if:
(1) It is issued or transferred for a promise of performance, to the extent the promise has been performed;
(2) the transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceedi... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/604/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 604 - Overdue instrum... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 604 - Overdue instrument | (a) An instrument payable on demand becomes overdue at the earliest of the following times:
(1) On the day after the day demand for payment is duly made;
(2) if the instrument is a check, ninety (90) days after its date, or
(3) if the instrument is not a check, when the instrument has been outstanding for a period of t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/605/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 605 - Defenses and cl... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 605 - Defenses and claims in recoupment | (a) Except as stated in subsection (b) of this section, the right to enforce the obligation of a party to pay an instrument is subject to the following:
(1) A defense of the obligor based on: (i) minority of the obligor to the extent it is a defense to a simple contract, (ii) duress, lack of legal capacity, or illegali... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/606/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 606 - Claims to an in... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 606 - Claims to an instrument | A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due cours... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/607/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 607 - Notice of breac... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 607 - Notice of breach of fiduciary duty | (a) In this section:
(1) Fiduciary. — Means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument.
(2) Represented person. — Means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in clause (1)... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/608/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 608 - Proof of signat... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 608 - Proof of signatures and status as holder in due course | (a) Except when the authenticity of, and authority to make, a signature on the instrument is denied in the pleadings, in a judicial action with respect to the instrument, the authenticity and the signature will be construed as admitted. If the validity of a signature is denied, the burden of establishing validity is on... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/609/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 609 - Enforcement of ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 609 - Enforcement of lost, destroyed, or stolen instrument | (a) A person entitled to enforce an instrument, but who is not in possession of the instrument, retains the right of enforcement if the loss of possession is not the result of a voluntary transfer or a legitimate taking and such person may not reasonably reacquire the instrument because the same has been destroyed, los... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/610/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 610 - Effect of instr... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 610 - Effect of instrument on obligation for which [it was] taken | (a) When a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged for the amount of the instrument, unless otherwise agreed. Discharge of the obligation does not affect any liability that the obligor may have as an indorser of the instrument.
(b) Except as provided ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/611/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 611 - Accord and sati... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 611 - Accord and satisfaction by use of instrument | (a) If a person against whom a claim is asserted proves that: (i) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, (ii) the amount of the claim was unliquidated or subject to a bona fide dispute, and (iii) the claimant obtained payment of the instrument, the following ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iii/612/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter III - Enforcement of Instruments (§§ 601 — 612)›§ 612 - Lost, destroyed... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter III - Enforcement of Instruments (§§ 601 — 612) › § 612 - Lost, destroyed, or stolen cashier’s check, teller’s check, o... | (a) In this section:
(1) Check. — Means a cashier’s check, teller’s check, or certified check.
(2) Claimant. — Means a person who claims the right to receive the amount of a cashier’s check, teller’s check, or certified check that was lost, destroyed, or stolen.
(3) Declaration of loss. — Means a written statement, mad... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/651/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 651 - Signature | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 651 - Signature | (a) A person is not liable on an instrument unless: (1) the person signed the instrument, or (2) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under § 652 of this title.
(b) A signature may be made: (1) manually or by means of a ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/652/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 652 - Signature by represent... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 652 - Signature by representative | (a) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the signature were on a simple contract. If t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/653/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 653 - Unauthorized signature | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 653 - Unauthorized signature | (a) Unless otherwise provided in §§ 501-755 or §§ 801-1004 of this title, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of §§ 501-755... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/654/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 654 - Impostors; fictitious ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 654 - Impostors; fictitious payees | (a) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, an indorsement of the instrument by any person ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/655/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 655 - Employer’s responsibil... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 655 - Employer’s responsibility for fraudulent indorsement by employee | (a) In this section:
(1) Employee. — Includes an independent contractor and employee of an independent contractor retained by the employer.
(2) Fraudulent indorsement. — Means: (i) in the case of an instrument payable to the employer, a forged indorsement purporting to be that of the employer, or (ii) in the case of an... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/656/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 656 - Negligence contributin... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 656 - Negligence contributing to forged signature or alteration of instrum... | (a) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays the instrument or takes it for value or for collect... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/657/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 657 - Alteration | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 657 - Alteration | (a) Alteration. — Means: (i) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party, or (ii) an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party.
(b) Except as provided in subsection (c) of this ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/658/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 658 - Drawee not liable on u... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 658 - Drawee not liable on unaccepted draft | A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
History —Aug. 17, 1995, No. 208, § 2-408; Aug. 31, 1996, No. 176, § 2. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/659/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 659 - Acceptance of draft; c... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 659 - Acceptance of draft; certified check | (a) Acceptance. — Means the drawee’s signed agreement to pay a draft as presented. It must be written on the draft and may consist of the drawee’s signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft is delivered for the purp... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/660/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 660 - Acceptance varying dra... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 660 - Acceptance varying draft | (a) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance.
(b) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/661/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 661 - Refusal to pay cashier... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 661 - Refusal to pay cashier’s checks, teller’s checks, and certified chec... | (a) In this section, “obligated bank” means the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer.
(b) If the obligated bank wrongfully: (i) refuses to pay a cashier’s check or certified check, (ii) stops payment of a teller’s check, or (iii) refuses to pay a dish... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/662/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 662 - Obligation of issuer o... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 662 - Obligation of issuer of note or cashier’s check | The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument: (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the issuer signed an incomplete instrument, according to its terms when c... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/663/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 663 - Obligation of acceptor | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 663 - Obligation of acceptor | (a) The acceptor of a draft is obliged to pay the draft: (i) According to its terms at the time it was accepted, even though the acceptance states that the draft is payable “as originally drawn” or equivalent terms, (ii) if the acceptance varies the terms of the draft, according to the terms of the draft as varied, or ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/664/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 664 - Obligation of drawer | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 664 - Obligation of drawer | (a) This section does not apply to cashier’s checks or other drafts drawn on the drawer.
(b) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft: (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the drawer ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/665/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 665 - Obligation of indorser | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 665 - Obligation of indorser | (a) Subject to subsections (b), (c) and (d) of this section and to § 669(d) of this title, if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument: (i) According to the terms of the instrument at the time it was indorsed, or (ii) if the indorser indorsed an incomplete instrument, ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/666/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 666 - Transfer warranties | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 666 - Transfer warranties | (a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee that:
(1) The warrantor is a person entitled to enforce the instrument;
(2) all signatures on the instrument are authentic and authorized;
(3) the instrument has not... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/667/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 667 - Presentment warranties | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 667 - Presentment warranties | (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft: (i) The person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee making payment or accepting th... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/668/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 668 - Payment or acceptance ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 668 - Payment or acceptance by mistake | (a) Except as provided in subsection (c) of this section, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that: (i) Payment of the draft had not been stopped pursuant to § 953 of this title, or (ii) the signature of the drawer of the draft was authorized, the drawee may re... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/669/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 669 - Instruments signed for... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 669 - Instruments signed for accommodation | (a) If an instrument is issued for value given for the benefit of a party (“accommodated party”) and another party signs the instrument for the purpose of incurring liability on the instrument (“accommodation party”) without being a direct beneficiary of the value given for the instrument, the instrument is signed by t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-iv/670/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter IV - Liability of Parties (§§ 651 — 670)›§ 670 - Conversion of instrume... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter IV - Liability of Parties (§§ 651 — 670) › § 670 - Conversion of instrument | (a) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person not entitled to enfo... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-v/701/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter V - Dishonor of the Instrument (§§ 701 — 705)›§ 701 - Presentment | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter V - Dishonor of the Instrument (§§ 701 — 705) › § 701 - Presentment | (a) Presentment. — Means a demand made by or on behalf of a person entitled to enforce an instrument: (1) To pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or (2) to accept a draft made to the drawee.
(b) The fol... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-v/702/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter V - Dishonor of the Instrument (§§ 701 — 705)›§ 702 - Administrative ex... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter V - Dishonor of the Instrument (§§ 701 — 705) › § 702 - Administrative expenses | (a) Dishonor of a note is governed by the following rules:
(1) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment.
(2) If the note is not payable on demand and is payable at or through a bank or the terms of the note requi... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-v/703/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter V - Dishonor of the Instrument (§§ 701 — 705)›§ 703 - Notice | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter V - Dishonor of the Instrument (§§ 701 — 705) › § 703 - Notice | (a) The obligation of an indorser stated in § 665(a) of this title and the obligation of a drawer stated in § 664(d) of this title may not be enforced unless: (i) The indorser or drawer is given notice of dishonor of the instrument complying with this section, or (ii) notice of dishonor is excused under § 704(b) of thi... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-v/704/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter V - Dishonor of the Instrument (§§ 701 — 705)›§ 704 - Presentment and n... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter V - Dishonor of the Instrument (§§ 701 — 705) › § 704 - Presentment and notice | (a) Presentment for payment or acceptance of an instrument is excused if: (1) the person entitled to present the instrument cannot with reasonable diligence make presentment, (2) the maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency proceedings, (3) by the terms of the ins... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-v/705/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter V - Dishonor of the Instrument (§§ 701 — 705)›§ 705 - Evidence of disho... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter V - Dishonor of the Instrument (§§ 701 — 705) › § 705 - Evidence of dishonor of the instrument | (a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated:
(1) A document regular in form as provided in subsection (b) of this section which purports to be a protest.
(2) A purported stamp or writing of the drawee, payor bank, or presenting bank on or accomp... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-vi/751/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter VI - Discharge and Payment (§§ 751 — 755)›§ 751 - Discharge and effect ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter VI - Discharge and Payment (§§ 751 — 755) › § 751 - Discharge and effect of discharge | (a) The obligation of a party to pay the instrument is discharged as stated in §§ 501-755 of this title or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.
(b) Discharge of the obligation of a party is not effective against a person acquiring rights of a ho... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-vi/752/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter VI - Discharge and Payment (§§ 751 — 755)›§ 752 - Payment | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter VI - Discharge and Payment (§§ 751 — 755) › § 752 - Payment | (a) Subject to subsection (b) of this section, an instrument is paid to the extent payment is made: (i) By or on behalf of a party obliged to pay the instrument, and (ii) to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument is discharged... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-vi/753/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter VI - Discharge and Payment (§§ 751 — 755)›§ 753 - Tender of payment | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter VI - Discharge and Payment (§§ 751 — 755) › § 753 - Tender of payment | (a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract.
(b) If tender of payment of an obligation to pay an instrument is made to a person entitle... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-vi/754/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter VI - Discharge and Payment (§§ 751 — 755)›§ 754 - Discharge by cancella... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter VI - Discharge and Payment (§§ 751 — 755) › § 754 - Discharge by cancellation or renunciation | (a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument: (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-43/subchapter-vi/755/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 43 - General Provisions (§§ 501 — 755)›Subchapter VI - Discharge and Payment (§§ 751 — 755)›§ 755 - Discharge of indorser... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 43 - General Provisions (§§ 501 — 755) › Subchapter VI - Discharge and Payment (§§ 751 — 755) › § 755 - Discharge of indorsers and accommodation parties | (a) In this section, the term “indorser” includes a drawer having the obligation described in § 664(d) of this title.
(b) Discharge, under § 754 of this title, of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation party having a right of recourse against the... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/801/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 801 - Title | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 801 - Title | Sections 801-1004 of this title may be cited as Chapter 45: Bank Deposits and Collections.
History —Aug. 17, 1995, No. 208, § 3-101; Aug. 31, 1996, No. 176, § 3. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/802/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 802 - Applicab... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 802 - Applicability | (a) To the extent that items within §§ 801-1004 of this title are also within §§ 501-755 of this title and §§ 1701-1911 of this title, they are subject to §§ 501-755 of this title and §§ 1701-1911 of this title. If there is conflict, §§ 801-1004 of this title govern §§ 501-755 of this title, but §§ 1701-1911 of this ti... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/803/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 803 - Variatio... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 803 - Variation by agreement; measure of damages; action con... | (a) The effect of the provisions of §§ 801-1004 of this title may be varied by agreement, but the parties to the agreement cannot disclaim a bank’s responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However, the parties may determine b... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/804/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 804 - Definiti... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 804 - Definitions and index of definitions | (a) In §§ 801-1004 of this title, unless the context otherwise requires:
(1) Account. — Means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit.
(2) Afternoon. — Means the period of a day betw... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/805/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 805 - Bank; de... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 805 - Bank; depository bank; payor bank; intermediary bank; ... | In §§ 801-1004 of this title:
(1) Bank. — Means a person engaged in the business of banking, including a savings bank, a savings and loan association, a savings and loan union or cooperative or a trust company.
(2) Depository bank. — Means the first bank to take an item even though it is also the payor bank, unless the... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/806/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 806 - Payable ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 806 - Payable through or payable at bank: collecting bank | (a) If an item states that it is “payable through” a bank identified in the item: (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(b) If an item states that it is “payable at” a b... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/807/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 807 - Separate... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 807 - Separate office of bank | A branch or separate office of a bank is a separate bank for the purpose of computing the period of time within which and determining the place at or to which action may be taken or notices or orders shall be given under §§ 801-1004 of this title and under §§ 501-755 of this title.
History —Aug. 17, 1995, No. 208, § 3-... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/808/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 808 - Time of ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 808 - Time of receipt of items or payments of loans or oblig... | (a) For purposes of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix a cut-off time for money or item transactions and book entries that shall not be earlier than two in the afternoon (2:00 p.m.). Banks and cooperatives sha... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/809/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 809 - Delays | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 809 - Delays | (a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by §§ 401 et seq. of this title for a period not excee... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/810/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 810 - Electron... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 810 - Electronic presentment | (a) Agreement for electronic presentment. — Means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (“presentment notice”) rather than delivery of the item it... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-i/811/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter I - [Scope] and Definitions (§§ 801 — 811)›§ 811 - Statute ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter I - [Scope] and Definitions (§§ 801 — 811) › § 811 - Statute of limitations | An action to enforce an obligation, duty, or right arising under §§ 801—1004 of this title must be commenced within three (3) years after the cause of action accrues. The statute of limitations shall be interrupted by suit or any judicial proceeding brought against the debtor, by the acknowledgment of the obligations, ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/851/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 851 - Status of collecting ban... | (a) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final, the bank, with respect to an item, is the agent or sub-agent of the owner of the item and any settlement given for the item is provisional. This provision applies regardless of ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/852/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 852 - Responsibility for colle... | (a) A collecting bank must exercise ordinary care in:
(1) Presenting an item or sending it for presentment;
(2) sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank’s transferor after learning that the item has not been paid or accepted, as the case may be;
(3) settli... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/853/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 853 - Effect of instructions | Subject to §§ 501-755 of this title concerning conversion of instruments (§ 670 of this title) and restrictive indorsements (§ 556 of this title), only a collecting bank’s transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any actio... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/854/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 854 - Methods of sending and p... | (a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items.
(b) A collecting bank may send an item:... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/855/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 855 - Depository bank holder o... | If a customer delivers an item to a depository bank for collection:
(1) The depository bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item, and, if the bank satisfies the other r... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/856/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 856 - Transfer between banks | Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank.
History —Aug. 17, 1995, No. 208, § 3-206; Aug. 31, 1996, No. 176, § 3. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/857/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 857 - Transfer warranties | (a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent collecting bank that:
(1) The warrantor is a person entitled to enforce the item;
(2) all signatures on the item are authentic and authorized;
(3) the item has not b... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/858/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 858 - Presentment warranties | (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft: (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee that pays or accepts the draft... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/859/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 859 - Encoding and retention w... | (a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a deposit[o]ry bank encodes, that bank also makes the warranty.
(b) A person who undertakes to reta... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/860/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 860 - Security interest of col... | (a) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either:
(1) In case of an item deposited in an account, to the extent to which credit given for the item has been withdrawn or applied;
(2) in case of an item for which it has given credit available for withdrawal... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/861/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 861 - When bank gives value fo... | For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of § 602 of this title on what constitutes a holder in due course.
History —Aug. 17, 1995, No. 208, § 3-211; Aug. 31, 1996, N... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/862/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 862 - Presentment by notice of... | (a) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the day when presentment is due and t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/863/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 863 - Medium and time of settl... | (a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription:
(1) the medium of settlement is cash or credit to an account in a Federal Reserve bank of or s... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/864/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 864 - Right of charge-back or ... | (a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive settlement for the item which is or becomes final, the bank may revoke the settlement given by it, charge back the amount of any credit given ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/865/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 865 - Final payment of item by... | (a) An item is finally paid by a payor bank when the bank has first done any of the following:
(1) Paid the item in cash;
(2) settled for the item without having a right to revoke the settlement under statute, clearing-house rule, or agreement, or
(3) made a provisional settlement for the item and failed to revoke the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-ii/866/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter II - Collection of Items; Depository and Collecting Banks (... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter II - Collection of Items; Depository and Collecting Banks (§§ 851 — 866) › § 866 - Insolvency and preferenc... | (a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the item must be returned by the receiver, trustee, or agent in charge of the closed bank to the presenting bank or the closed bank’s customer.
(b) If a payor bank finally pays a... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iii/901/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter III - Collection of Items; Payor Banks (§§ 901 — 903)›§ 901... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter III - Collection of Items; Payor Banks (§§ 901 — 903) › § 901 - Deferred posting; recovery of payment by re... | (a) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight dea... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iii/902/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter III - Collection of Items; Payor Banks (§§ 901 — 903)›§ 902... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter III - Collection of Items; Payor Banks (§§ 901 — 903) › § 902 - Payor bank’s responsibility for late return... | (a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of:
(1) A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the deposit[o]ry bank, retains the item beyond midnight of the banking day of recei... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iii/903/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter III - Collection of Items; Payor Banks (§§ 901 — 903)›§ 903... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter III - Collection of Items; Payor Banks (§§ 901 — 903) › § 903 - When items subject to notice, stop-payment ... | (a) Any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or to charge its customer’s account for the item if the knowledge, notice, stop-payment order, or legal pro... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iv/951/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 9... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 951 — 957) › § 951 - When bank may charge custome... | (a) A bank may charge against the account of a customer an item that is properly payable from the account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and bank.
(b) A customer is not liable for t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iv/952/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 9... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 951 — 957) › § 952 - Bank’s liability to customer... | (a) Except as otherwise provided in §§ 801-1004 of this title, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft.
(b) A payor bank is liable to its customer for damages prox... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iv/953/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 9... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 951 — 957) › § 953 - Customer’s right to stop pay... | (a) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item drawn on the customer’s account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time and in a manner that affords the bank a re... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iv/954/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 9... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 951 — 957) › § 954 - Bank not obliged to pay chec... | A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six (6) months after its date, but it may charge its customer’s account for a payment made thereafter in good faith.
History —Aug. 17, 1995, No. 208, § 3-404; Aug. 31, 1996, N... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iv/955/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 9... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 951 — 957) › § 955 - Death or incompetence of cus... | (a) A payor or collecting bank’s authority to accept, pay, collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank at the time the item is issued or its collection is undertaken if the bank does not know of an adjudic... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iv/956/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 9... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 951 — 957) › § 956 - Customer’s duty to discover ... | (a) A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return or make available to the customer the items paid or provide information in the statement of account sufficient to allow the customer reasonably to identify the items paid. The state... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-iv/957/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 9... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter IV - Relationship Between Payor Bank And Its Customer (§§ 951 — 957) › § 957 - Payor bank’s right to subrog... | If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its pa... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-v/1001/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409)›Subtitle 2 - Commercial Transactions (§§ 401 — 2409)›Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004)›Subchapter V - Collection of Documentary Drafts (§§ 1001 — 1004)›§ 100... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 45 - Bank Deposits and Collections (§§ 801 — 1004) › Subchapter V - Collection of Documentary Drafts (§§ 1001 — 1004) › § 1001 - Handling of documentary drafts; duty to se... | A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extend... |
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