P.R. Laws tit. 19, § 404

2019-02-20 00:00:00+00

§ 404. Territorial application of the act; parties' power to choose applicable law

(1) The parties may agree as to the law that shall govern their rights and duties, be it the law of Puerto Rico or of any state or nation.

(2) Where one of the following provisions of this subtitle specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law (including the conflict of laws rules) so specified:

Section 802 (Applicability of the Chapter on Bank Deposits and Collections)

Section 1167 (Governing law in the Chapter on Funds Transfers)

Section 1235 (Letters of Credit)

Section 1710 (Applicability of the Chapter on Investment Securities)

Sections 2251–2257 (Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests and agricultural liens)

History —Aug. 17, 1995, No. 208, § 1-105; Aug. 31, 1996, No. 176, § 1; Sept. 19, 1996, No. 241, § 2; Jan. 17, 2012, No. 21, § 12, eff. 1 year after Jan. 17, 2012.