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https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-v/1002/ | 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) › § 1002 - Presentment of “on arrival” drafts | If a draft or the relevant instructions require presentment “on arrival”, “when goods arrive” or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-v/1003/ | 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) › § 1003 - Responsibility of presenting bank for docu... | Unless otherwise instructed and unless otherwise indicated by the law pertaining to documentary drafts, a bank presenting a documentary draft:
(1) Must deliver the documents to the drawee on acceptance of the draft if it is payable more than three (3) days after presentment; otherwise, only on payment, and
(2) upon dis... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-45/subchapter-v/1004/ | 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) › § 1004 - Privilege of presenting bank to deal with ... | (a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.
(b) For its reasonable expenses incurred by action under subsection (a) of this ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1021/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1021 - Title | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1021 - Title | Sections 1021-1167 of this title may be cited as Chapter 47: Funds Transfers.
History —Aug. 17, 1995, No. 208, § 4-101; Aug. 31, 1996, No. 176, § 4. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1022/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1022 - Subject mat... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1022 - Subject matter | Except as otherwise provided in § 1028 of this title, §§ 1021-1167 of this title apply to funds transfers defined in § 1024 of this title.
History —Aug. 17, 1995, No. 208, § 4-102; Aug. 31, 1996, No. 176, § 4. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1023/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1023 - Payment ord... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1023 - Payment order—Definitions | (a) In §§ 1021-1167 of this title:
(1) Payment order. — Means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:
(A) The instruction does not state a condition to payment... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1024/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1024 - Funds trans... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1024 - Funds transfers—Definitions | In this chapter:
(a) Funds transfer. — Means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1025/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1025 - Other defin... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1025 - Other definitions | (a) In §§ 1021-1167 of this title:
(1) Authorized account. — Means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if pay... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1026/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1026 - Time paymen... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1026 - Time payment order is received | (a) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in § 451(27) of this title. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment o... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1027/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1027 - Federal res... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1027 - Federal reserve regulations and operating circulars | Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of §§ 1021-1167 of this title to the extent of the inconsistency.
History —Aug. 17, 1995, No. 208, § 4-107; Aug. 31, 1996, No. 176, § 4. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-i/1028/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028)›§ 1028 - Exclusion o... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter I - Subject Matter and Definitions (§§ 1021 — 1028) › § 1028 - Exclusion of consumer transactions governed by federal la... | Sections 1021-1167 of this title do not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. § 1693 et seq.) as amended from time to time.
History —Aug. 17, 1995, No. 208, § 4-108; Aug. 31, 1996, No. 176, § 4. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1051/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1051 - Sec... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1051 - Security procedure | Security procedure. — Means a procedure established by agreement of a customer and a receiving bank for the purpose of:
(a) Verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or
(b) detecting error in the transmission or the content of the payment order or co... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1052/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1052 - Aut... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1052 - Authorized and verified payment orders | (a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency.
(b) If a bank and its customer have agreed that the authenticity of payment orders issued to the bank in the name of the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1053/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1053 - Une... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1053 - Unenforceability of certain verified payment orde... | (a) If an accepted payment order is not, under § 1052(a) of this title, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to § 1052(b) of this title, the following rules apply:
(1) By express written agreement, the receiving bank may limit the extent to which ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1054/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1054 - Ref... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1054 - Refund of payment and duty of customer to report ... | (a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is: (1) not authorized and not effective as the order of the customer under § 1052 of this title, or (2) not enforceable, in whole or in part, against the customer under § 1053 of this title, the bank shall refund any pay... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1055/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1055 - Err... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1055 - Erroneous payment orders | (a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order: (1) erroneously instructed payment to a beneficiary not intended by the sender, (2) erroneously instructed payment in an amount greater than the amount intended by the sender, or (3) was a... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1056/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1056 - Tra... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1056 - Transmission of payment order through funds-trans... | [(a)] If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1057/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1057 - Mis... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1057 - Misdescription of beneficiary | (a) Subject to subsection (b) of this section, if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1058/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1058 - Mis... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1058 - Misdescription of intermediary bank or beneficiar... | (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number.
(1) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary’s bank and need not determine whether the number identifies a bank.
(2) T... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1059/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1059 - Acc... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1059 - Acceptance of payment order | (a) Subject to subsection (d) of this section, a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the same.
(b) Subject to subsections (c) and (d) of this section, a beneficiary’s bank accepts a payment order at the earliest of the following times:
(1) When the bank: (i) pays th... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1060/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1060 - Rej... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1060 - Rejection of payment order | (a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the order. R... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1061/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1061 - Can... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1061 - Cancellation and amendment of payment order | (a) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-ii/1062/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062)›§ 1062 - Lia... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter II - Issue and Acceptance of Payment Order (§§ 1051 — 1062) › § 1062 - Liability and duty of receiving bank regarding un... | If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in §§ 1021-1167 of this title, but does not otherwise have any duty to accept a payment order or, before acceptance, to take an... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iii/1101/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1105) › § 1101 - Execution and execution date | (a) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed.
(b) Execution date. — Of a payment order means the day on which the receiving ba... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iii/1102/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1105) › § 1102 - Obligations of receiving bank in... | (a) Except as provided in subsections (b), (c) and (d) of this section, if the receiving bank accepts a payment order pursuant to § 1059(a) of this title, the bank has the following obligations in executing the order:
(1) The receiving bank is obliged to issue, on the execution date, a payment order complying with the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iii/1103/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1105) › § 1103 - Erroneous execution of payment o... | (a) A receiving bank that:
(1) Executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or
(2) issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to payment of the amount of the sender’s order un... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iii/1104/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1105) › § 1104 - Duty of sender to report erroneo... | If the sender of a payment order that is erroneously executed as stated in § 1103 of this title receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of info... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iii/1105/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter III - Execution of Sender’s Payment Order by Receiving Bank (§§ 1101 — 1105) › § 1105 - Liability for late or improper e... | (a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of § 1102 of this title results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improp... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iv/1131/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter IV - Payment (§§ 1131 — 1136)›§ 1131 - Payment date | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter IV - Payment (§§ 1131 — 1136) › § 1131 - Payment date | Payment date. — Of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iv/1132/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter IV - Payment (§§ 1131 — 1136)›§ 1132 - Obligation of sender to pay recei... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter IV - Payment (§§ 1131 — 1136) › § 1132 - Obligation of sender to pay receiving bank | (a) This section is subject to §§ 1055 and 1057 of this title.
(b) With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order.
(c) This subsection is subject ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iv/1133/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter IV - Payment (§§ 1131 — 1136)›§ 1133 - Payment by sender to receiving ba... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter IV - Payment (§§ 1131 — 1136) › § 1133 - Payment by sender to receiving bank | (a) Payment of the sender’s obligation under § 1132 of this title to pay the receiving bank occurs as follows:
(1) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a funds-transfer system.
(2) If the sender is a bank an... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iv/1134/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter IV - Payment (§§ 1131 — 1136)›§ 1134 - Obligation of beneficiary’s bank ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter IV - Payment (§§ 1131 — 1136) › § 1134 - Obligation of beneficiary’s bank to pay and give notice to beneficiary | (a) Subject to §§ 1061(e), 1135(d), and (e) of this title, if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after the close of the funds-trans... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iv/1135/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter IV - Payment (§§ 1131 — 1136)›§ 1135 - Payment by beneficiary’s bank to ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter IV - Payment (§§ 1131 — 1136) › § 1135 - Payment by beneficiary’s bank to beneficiary | (a) If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under § 1134(a) of this title occurs when and to the extent:
(1) The beneficiary is notified of the right to withdraw the credit;
(2) the bank lawfully applies the credit to a debt of the beneficiary... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-iv/1136/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter IV - Payment (§§ 1131 — 1136)›§ 1136 - Payment by originator to benefici... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter IV - Payment (§§ 1131 — 1136) › § 1136 - Payment by originator to beneficiary; discharge of underlying obligation | (a) Subject to §§ 1061(e), 1135(d), and(e) of this title, the originator of a funds transfer pays the beneficiary of the originator’s payment order:
(1) At the time a payment order for the benefit of the beneficiary is accepted by the beneficiary’s bank in the funds transfer, and
(2) in an amount equal to the amount of... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-v/1161/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167)›§ 1161 - Variation by agre... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167) › § 1161 - Variation by agreement and effect of funds-transfer system rule | (a) Except as otherwise provided in §§ 1021-1167 of this title, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.
(b) Funds-transfer system rule. — Means a rule of an association of banks:
(1) Governing transmission of payment orders by means of a funds-transfer... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-v/1162/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167)›§ 1162 - Creditor process ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167) › § 1162 - Creditor process served on receiving bank; setoff by beneficiar... | (a) As used in this section, “creditor process” means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant with respect to an account.
(b) This subsection applies to creditor process with respect to an authorized account of the sender of... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-v/1163/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167)›§ 1163 - Injunction or res... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167) › § 1163 - Injunction or restraining order with respect to funds transfer | For proper cause and in compliance with applicable law, a court may restrain:
(a) A person from issuing a payment order to initiate a funds transfer;
(b) an originator’s bank from executing the payment order of the originator, or
(c) the beneficiary’s bank from releasing funds to the beneficiary or the beneficiary from... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-v/1164/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167)›§ 1164 - Order in which it... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167) › § 1164 - Order in which items and payment orders may be charged to accou... | (a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence.
(b) In determining whether a credit to an accoun... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-v/1165/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167)›§ 1165 - Preclusion of obj... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167) › § 1165 - Preclusion of objection to debit of customer’s account | If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-v/1166/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167)›§ 1166 - Rate of interest | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167) › § 1166 - Rate of interest | (a) If, under §§ 1021-1167 of this title, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined: (1) by agreement of the sender and receiving bank, or (2) by a funds-transfer system rule if the payment order is transmitted through a funds-tr... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-47/subchapter-v/1167/ | 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 47 - Funds Transfers (§§ 1021 — 1167)›Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167)›§ 1167 - Choice of law | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 47 - Funds Transfers (§§ 1021 — 1167) › Subchapter V - Miscellaneous Provisions (§§ 1161 — 1167) › § 1167 - Choice of law | (a) The following rules apply unless the affected parties otherwise agree or subsection (c) of this section applies:
(1) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located.
(2) The rights and obligati... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1221/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1221 - Definitions | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1221 - Definitions | (a) In §§ 1221-1236 of this title:
(1) Adviser. — Means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or request another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended.
(2) Applicant. — Means a person at whose request or for whose... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1222/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1222 - Scope | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1222 - Scope | (a) Sections 1221-1236 of this title apply to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.
(b) The statement of a rule in §§ 1221-1236 of this title does not by itself require, imply, or negate application of the same or a different rule to a situation... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1223/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1223 - Formal requirements | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1223 - Formal requirements | A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated
(a) By a signature or
(b) in accordance with the agreement of the parties or the standard practice referred to in § 1227(e) of this title.
History —Sept. 19, 1996, No. 241, adde... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1224/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1224 - Considerations | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1224 - Considerations | Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
History —Sept. 19, 1996, No. 241, added as § 5-105 on Dec. 31, 1997, No. 214, § 1, eff. Jan. 1, 1998. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1225/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1225 - Issuance, amendment, cancellation, and duration | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1225 - Issuance, amendment, cancellation, and duration | (a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.
(b) After a letter of credit is issued, rights and obligatio... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1226/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1226 - Confirmer, nominated person, and adviser | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1226 - Confirmer, nominated person, and adviser | (a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1227/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1227 - Issuer’s rights and obligations | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1227 - Issuer’s rights and obligations | (a) Except as otherwise provided in § 1228 of this title, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e) of this section, appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise provided in § 1232 ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1228/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1228 - Fraud and forgery | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1228 - Fraud and forgery | (a) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit. but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant:
(1) The issuer shall ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1229/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1229 - Warranties | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1229 - Warranties | (a) If its presentation is honored, the beneficiary warrants:
(1) To the issuer. any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in § 1228(a) of this title, and
(2) to the applicant that the drawing does not violate any agreement between the appli... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1230/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1230 - Remedies | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1230 - Remedies | (a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer’s obligation... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1231/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1231 - Transfer of letter of credit | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1231 - Transfer of letter of credit | (a) Except as otherwise provided in § 1232 of this title, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.
(b) Even if a letter of credit provides that it is transferable, the issuer may refuse... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1232/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1232 - Transfer by operation of law | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1232 - Transfer by operation of law | (a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
(b) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1233/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1233 - Assignment of proceeds | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1233 - Assignment of proceeds | (a) In this section, “proceeds of a letter of credit” means the cash, check, accepted draft, or other items of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The terms does not include a beneficiary’s drawing rights or documents presented by the b... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1234/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1234 - Statute of limitations | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1234 - Statute of limitations | An action to enforce a right or obligation arising under §§ 1221-1236 of this title must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggr... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1235/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1235 - Choice of law and forum | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1235 - Choice of law and forum | (a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in § 1223 of this title or by a provision in the person’s letter ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1236/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1236 - Subrogation of issuer, applicant, and nominated person | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1236 - Subrogation of issuer, applicant, and nominated person | (a) An issuer that honors a beneficiary’s presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying ob... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-49/1237/ | 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 49 - Letters of Credit (§§ 1201-1217 — 1237)›§ 1237 - Security interest of issuer or nominated person | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 49 - Letters of Credit (§§ 1201-1217 — 1237) › § 1237 - Security interest of issuer or nominated person | (a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.
(b) So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recove... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-i/1401/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter I - Bills of Lading: Sp... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter I - Bills of Lading: Special Provisions (§§ 1401 — 1405) › § 1401 - Tit... | Sections 1401-1653 of this title may be cited as Chapter 51: Documents of Title.
History —Aug. 17, 1995, No. 208, added as § 7-101 on Sept. 19, 1996, No. 241, § 11. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-i/1402/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter I - Bills of Lading: Sp... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter I - Bills of Lading: Special Provisions (§§ 1401 — 1405) › § 1402 - Def... | (1) In §§ 1401-1653 of this title, unless the context otherwise requires:
(a) Bailee. — Means the person who by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them.
(b) Consignee. — Means the person named in a bill to whom or to whose order the b... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-i/1403/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter I - Bills of Lading: Sp... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter I - Bills of Lading: Special Provisions (§§ 1401 — 1405) › § 1403 - Rel... | To the extent that any treaty or statute of the United States, regulatory statute of Puerto Rico or tariff, classification or regulation filed or issued pursuant thereto is applicable, the provisions of §§ 1401-1653 of this title are subject thereto.
History —Aug. 17, 1995, No. 208, added as § 7-103 on Sept. 19, 1996, ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-i/1404/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter I - Bills of Lading: Sp... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter I - Bills of Lading: Special Provisions (§§ 1401 — 1405) › § 1404 - Neg... | (1) A warehouse receipt, bill of lading or other document of title is negotiable
(a) If by its terms the goods are to be delivered to bearer or to the order of a named person, or
(b) where recognized in overseas trade, if it runs to a named person or assigns.
(2) Any other document is non-negotiable. A bill of lading i... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-i/1405/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter I - Bills of Lading: Sp... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter I - Bills of Lading: Special Provisions (§§ 1401 — 1405) › § 1405 - Con... | The omission from either Subchapter 2 or subchapter 3 of §§ 1401-1653 of this title of a provision corresponding to a provision made in the other subchapter does not imply that a corresponding rule of law is not applicable.
History —Aug. 17, 1995, No. 208, added as § 7-105 on Sept. 19, 1996, No. 241, art. 11. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1451/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1451 -... | (1) A warehouse receipt may be issued by any warehouseman.
(2) Where goods including distilled spirits and agricultural commodities are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods has like effect... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1452/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1452 -... | (1) A warehouse receipt need not be in any particular form.
(2) Unless a warehouse receipt embodies within its written or printed terms each of the following, the warehouseman is liable for damages caused by the omission to a person injured thereby:
(a) The location of the warehouse where the goods are stored;
(b) the ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1453/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1453 -... | A party to or purchaser for value in good faith of a document of title other than a bill of lading relying in either case upon the description therein of the goods may recover from the issuer damages caused by the non-receipt or misdescription of the goods, except to the extent that the document conspicuously indicates... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1454/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1454 -... | (1) A warehouseman is liable for damages for loss of or injury to the goods caused by his failure to exercise such care in regard to them as a reasonably careful man would exercise under like circumstances but unless otherwise agreed he is not liable for damages which could not have been avoided by the exercise of such... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1455/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1455 -... | A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouseman who is also in the business of buying and selling such goods takes free of any claim under a warehouse receipt even though it has been duly negotiated.
History —Aug. 17, 1995, No. 208, added as § 7-205 on Sept. 19, 1996, N... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1456/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1456 -... | (1) A warehouseman may on notifying the person on whose account the goods are held and any other person known to claim an interest in the goods require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the document, or, if no period is fixed, within ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1457/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1457 -... | (1) Unless the warehouse receipt otherwise provides, a warehouseman must keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods except that different lots of fungible goods may be commingled.
(2) Fungible goods so commingled are owned in common by the per... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1458/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1458 -... | Where a blank in a negotiable warehouse receipt has been filled in without authority, a purchaser for value and without notice of the want of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any receipt enforceable against the issuer according to its original tenor.
History —Aug... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1459/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1459 -... | (1) A warehouseman has a lien against the bailor on the goods covered by a warehouse receipt or on the proceeds thereof in his possession for charges for storage or transportation (including demurrage and terminal charges), insurance, labor, or charges present or future in relation to the goods, and for expenses necess... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-ii/1460/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter II - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter II - Warehouse Receipts: Special Provisions (§§ 1451 — 1460) › § 1460 -... | (1) Except as provided in subsection (2) of this section, a warehouseman’s lien may be enforced by public or private sale of the goods in block or in parcels, at any time or place and on any terms which are commercially reasonable, after notifying all persons known to claim an interest in the goods. Such notification m... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1501/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1501 - L... | (1) A consignee of a non-negotiable bill who has given value in good faith or a holder to whom a negotiable bill has been duly negotiated relying in either case upon the description therein of the goods, or upon the date therein shown, may recover from the issuer damages caused by the misdating of the bill or the non-r... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1502/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1502 - T... | (1) The issuer of a through bill of lading or other document embodying an undertaking to be performed in part by persons acting as its agents or by connecting carriers is liable to anyone entitled to recover on the document for any breach by such other persons or by a connecting carrier of its obligation under the docu... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1503/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1503 - D... | (1) Unless the bill of lading otherwise provides, the carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods on instructions from
(a) The holder of a negotiable bill; or
(b) the consignor on a non-negotiable bill notwithstanding contrary instruc... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1504/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1504 - B... | (1) Except where customary in overseas transportation, a bill of lading must not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection.
(2) Where a bill of lading is lawfully drawn in a set of parts, each of which is numbered and expressed to be valid only if the goods hav... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1505/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1505 - D... | (1) Instead of issuing a bill of lading to the consignor at the place of shipment a carrier may at the request of the consignor procure the bill to be issued at destination or at any other place designated in the request.
(2) Upon request of anyone entitled as against the carrier to control the goods while in transit a... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1506/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1506 - A... | An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.
History —Aug. 17, 1995, No. 208, added as § 7-306 on Sept. 19, 1996, No. 241, § 11. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1507/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1507 - L... | (1) A carrier has a lien on the goods covered by a bill of lading for charges subsequent to the date of its receipt of the goods for storage or transportation (including demurrage and terminal charges) and for expenses necessary for preservation of the goods incident to their transportation or reasonably incurred in th... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1508/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1508 - E... | (1) A carrier’s lien may be enforced by public or private sale of the goods, in block or in parcels, at any time or place and on any terms which are commercially reasonable, after notifying all persons known to claim an interest in the goods. Such notification must include a statement of the amount due, the nature of t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iii/1509/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter III - Bills of Lading: ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter III - Bills of Lading: Special Provisions (§§ 1501 — 1509) › § 1509 - D... | (1) A carrier who issues a bill of lading whether negotiable or non-negotiable must exercise the degree of care in relation to the goods which a reasonably careful man would exercise under like circumstances. This subsection does not repeal or change any law or rule of law which imposes liability upon a common carrier ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iv/1551/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter IV - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter IV - Warehouse Receipts and Bills of Lading: General Obligations (§§ 15... | The obligations imposed by §§ 1401-1653 of this title on an issuer apply to a document of title regardless of the fact that:
(a) The document may not comply with the requirements of this chapter or of any other law or regulation regarding its issue, form or content; or
(b) the issuer may have violated laws regulating t... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iv/1552/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter IV - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter IV - Warehouse Receipts and Bills of Lading: General Obligations (§§ 15... | Neither a duplicate nor any other document of the same issuer confers any right in the goods, except as provided in the case of bills in a set, overissue of documents for fungible goods and substitutes for lost, stolen or destroyed documents. But the issuer is liable for damages caused by his overissue or failure to id... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iv/1553/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter IV - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter IV - Warehouse Receipts and Bills of Lading: General Obligations (§§ 15... | (1) The bailee must deliver the goods to a person entitled under the document who complies with subsections (2) and (3) of this section, unless and to the extent that the bailee establishes any of the following:
(a) Delivery of the goods to a person whose receipt was rightful as against the claimant;
(b) damage to or d... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-iv/1554/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter IV - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter IV - Warehouse Receipts and Bills of Lading: General Obligations (§§ 15... | A bailee who in good faith including observance of reasonable commercial standards has received goods and delivered or otherwise disposed of them according to the terms of the document of title or pursuant to §§ 1401-1653 of this title is not liable therefor. This rule applies even though the person from whom he receiv... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1601/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | (1) A negotiable document of title running to the order of a named person is negotiated by his indorsement and delivery. After his indorsement in blank or to bearer any person can negotiate it by delivery alone.
(2)
(a) A negotiable document of title is also negotiated by delivery alone when by its original terms it ru... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1602/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | (1) Subject to the following section and to the provisions of § 1455 of this title on fungible goods, a holder to whom a negotiable document of title has been duly negotiated acquires thereby:
(a) Title to the document;
(b) title to the goods;
(c) all rights accruing under the law of agency or estoppel, including right... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1603/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | (1) A document of title confers no right in goods against a person who before issuance of the document had a legal interest or a perfected security interest in them and who neither:
(a) Delivered or entrusted them or any document of title covering them to the bailor or his nominee with actual or apparent authority to s... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1604/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | (1) A transferee of a document, whether negotiable or non-negotiable, to whom the document has been delivered but not duly negotiated, acquires the title and rights which his transferor had or had actual authority to convey.
(2) In the case of a non-negotiable document, until but not after the bailee receives notificat... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1605/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | The indorsement of a document of title issued by a bailee does not make the indorser liable for any default by the bailee or by previous indorsers.
History —Aug. 17, 1995, No. 208, added as § 7-505 on Sept. 19, 1996, No. 241, § 11. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1606/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | The transferee of a negotiable document of title has a specifically enforceable right to have his transferor supply any necessary indorsement but the transfer becomes a negotiation only as of the time the indorsement is supplied.
History —Aug. 17, 1995, No. 208, added as § 7-506 on Sept. 19, 1996, No. 241, § 11. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1607/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | Where a person negotiates or transfers a document of title for value otherwise than as a mere intermediary under § 1608 of this title, then unless otherwise agreed he warrants to his immediate purchaser only in addition to any warranty made in selling the goods:
(a) That the document is genuine; and
(b) that he has no ... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1608/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | A collecting bank or other intermediary known to be entrusted with documents on behalf of another or with collection of a draft or other claim against delivery of documents warrants by such delivery of the documents only its own good faith and authority. This rule applies even though the intermediary has purchased or m... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-v/1609/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter V - Warehouse Receipts ... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter V - Warehouse Receipts And Bills of Lading: Negotiation and Transfer (§... | The question whether a document is adequate to fulfill the obligations of a contract for sale is governed by the applicable provisions of App. I of Title 10, known as the “Commerce Code of Puerto Rico” and §§ 1 et seq. of Title 31, known as the “Civil Code of Puerto Rico” and the question whether a document is adequate... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-vi/1651/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter VI - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter VI - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions (... | (1) If a document has been lost, stolen or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with such order. If the document was negotiable the claimant must post security approved by the court to indemnify any person who m... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-vi/1652/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter VI - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter VI - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions (... | Except where the document was originally issued upon delivery of the goods by a person who had no power to dispose of them, no lien attaches by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless the document be first surrendered to the ba... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-51/subchapter-vi/1653/ | 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 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653)›Subchapter VI - Warehouse Receipts... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 51 - Warehouse Receipts, Bills of Lading and Other Documents of Title (§§ 1401 — 1653) › Subchapter VI - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions (... | If more than one person claims title or possession of the goods, the bailee is excused from delivery until he has had a reasonable time to ascertain the validity of the adverse claims or to bring an action to compel all claimants to interplead and may compel such interpleader, either in defending an action for non-deli... |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-53/subchapter-i/1701/ | 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 53 - Investment Securities (§§ 1701 — 1911)›Subchapter I - Short Title and General Matters (§§ 1701 — 1716)›§ 1701 - Titl... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 53 - Investment Securities (§§ 1701 — 1911) › Subchapter I - Short Title and General Matters (§§ 1701 — 1716) › § 1701 - Title | Sections 1701-1911 of this title may be cited as Uniform Commercial Code-Investment Securities.
History —Aug. 17, 1995, No. 208, added as § 8-101 on Sept. 19, 1996, No. 241, § 12. |
https://law.justia.com/codes/puerto-rico/title-nineteen/subtitle-2/chapter-53/subchapter-i/1702/ | 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 53 - Investment Securities (§§ 1701 — 1911)›Subchapter I - Short Title and General Matters (§§ 1701 — 1716)›§ 1702 - Defi... | 2023 Laws of Puerto Rico › TITLE NINETEEN - Negotiable Instruments (§§ 1-24 — 2409) › Subtitle 2 - Commercial Transactions (§§ 401 — 2409) › Chapter 53 - Investment Securities (§§ 1701 — 1911) › Subchapter I - Short Title and General Matters (§§ 1701 — 1716) › § 1702 - Definitions | (a) In this §§ 1701-1911 of this title:
(1) Adverse claims. — Means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset.
(2) Bearer form. — As applied to a certificated securi... |
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