P.R. Laws tit. 30, § 2705
The payment or remittance may be made at any time prior to the filing of the initial brief, without being obligated at that time to pay all or part of the amount agreed to in the mortgage deed for court costs and attorneys’ fees. Interest must be computed and paid up to the date of their payment or remittance.
If the demand for payment is notarial, the creditor must also be paid the amount provided in the Regulations, or it must be deposited in the court, for each person demanded, as sole payment for services rendered and expenses incurred in the delivery of the notarial demand. Any agreement to pay or deposit a greater amount to cover these services shall be illegal.
As soon as the creditor has been paid the full amounts previously demanded of the debtor or, when applicable, the third owner, as well as the additional amount to which the previous paragraph refers, the corresponding public document for cancellation of the mortgage loan, if in order, shall be granted at the request of an interested party and before the notary designated by him; or he shall endorse the conveyable title which attested to the debt. The expenses and fees involved shall be charged to the party seeking the cancellation or endorsement.
In the event it is decided to deposit the amount required by the debtor plus the payment of fees, if the order was made notarially, the original demand for payment must accompany the writ of consignment as well as a certificate that the creditor was sent a copy of the writ of consignment to his last known address by certified mail with return receipt requested.
Five (5) working days after having made the judicial deposit to which this section refers when applicable, if the amount consigned coincides with the amount claimed in the demand for payment, plus the fees if made notarially, if there is no opposition, the court shall declare it properly made and consequently, the main secured obligation extinguished, and it shall order the Registrar to cancel all or part of the mortgage security, if in order. In case the amount consigned is not equal to the demand for payment, the deposit shall be invalid.
If the secured obligation is represented by a negotiable title, before ordering the referred cancellation, the court shall make sure that said title is cancelled, and this shall appear in the order.
History —Mortgage Law, 1979, § 205; June 14, 1980, No. 143, p. 535.