P.R. Laws tit. 9, § 3211b
Any financial institution, insurer or leasing company that wishes to participate in an auction proceeding held by a redistributor of motor vehicles or trailers shall:
(a) Present, through a sworn statement to that effect, the documents that evidence the cession of rights in its favor, its title of ownership and a certification as to the condition or state the motor vehicle or trailer, in the case of those of motor vehicles or trailers that have been repossessed by the financial institutions, insurance companies or leasing companies.
(b) Present the documents that evidence the title of ownership of the motor vehicle or trailer, in the case of those motor vehicles or trailers owned by financial institutions or leasing companies that have previously been under a short or long term lease contract.
History —Aug. 5, 1987, No. 8, p. 612, added as § 12-B on Aug. 13, 2004, No. 213, § 3.