Ley 95 del 2008
Resumen
Esta ley enmienda la Sección 196 de la "Ley Hipotecaria y del Registro de la Propiedad" para aclarar la comparecencia en escrituras de hipoteca que garantizan títulos negociables al portador o por endoso, estableciendo que no es necesaria la comparecencia de la persona natural o jurídica a quien se emiten.
Contenido
(No. 95)
(Approved June 19, 2008)
AN ACT
To amend Section 196 of Act No. 198 of August 8, 1979, as amended, better known as the "Mortgage and Property Registry Act," in order to clarify appearance in mortgages that are originated to guarantee negotiable instruments to the bearer and in mortgages to guarantee titles by endorsement.
STATEMENT OF MOTIVES
Notarial practice has shown that in those cases where mortgages are originated to guarantee negotiable instruments conveyable by endorsement, the appearance of the natural or juridical person to whom a mortgage is issued is not necessary.
Therefore, it is convenient to add a second paragraph to amend Section 196 of the aforementioned Mortgage Act to clarify and prevent the existing confusion in the judicial community regarding distribution between direct or known creditor mortgages and those mortgages that guarantee negotiable instruments.
BE IT ENACTED BY THE LEGISLATURE OF PUERTO RICO:
Section 1.—Section 196 of Act No. 198 of August 8, 1979, as amended, is hereby amended to add a second paragraph and to read as follows: "Section 196.—Deed to Guarantee Title; Content A mortgage deed to guarantee titles conveyable by endorsement or to the bearer shall consign, in addition to data usually included in all
mortgage loans, those regarding the number and value of the titles issued, their corresponding serial numbers, the date or dates issued, the terms and manner in which they shall be paid off and any other data that may serve to determine the conditions of said titles; and when they are to the bearer, it shall be expressly shown that the mortgage is constituted in favor of their present or future holders. Therefore, the date and number of the deed and the authorizing notary must also appear in the titles issued.
In the mortgage deeds originated to guarantee title to the bearer and in mortgages to guarantee titles conveyable by endorsement to a natural or juridical person, the appearance of the natural or juridical person to whom the same are issued shall not be necessary. The provisions of Section 186 of this Act shall not be applicable to these mortgages.
Section 2.-This Act shall take effect immediately after its approval.
CERTIFICATION
I hereby certify to the Secretary of State that the following Act No. 95 (S.B. 1327) of the $7^{ ext {th }}$ Session of the $15^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Section 196 of Act No. 198 of August 8, 1979, as amended, better known as the "Mortgage and Property Registry Act," in order to clarify appearance in mortgages that are originated to guarantee negotiable instruments to the bearer and in mortgages to guarantee titles by endorsement, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $28^{ ext {th }}$ of August of 2008.
Francisco J. Domenech Director