P.R. Laws tit. 30, § 2720
The auction edict issued by the marshal shall state:
(a) That the record of the case and all the documents pertaining to the procedure filed shall be on exhibit in the Office of the Clerk of the Court during working hours.
(b) That it shall be understood that all bidders accept the title documents as sufficient, and that the prior encumbrances and liens and those with preference, if any, on the forecloser’s loan shall subsist, with the understanding that the highest bidder accepts them and is subrogated to their liabilities, without using the auction price to pay them off, specifying the amount of each former or preferred encumbrance, and the name or names of their holders and their maturity date or dates, if they appear in the Registry certification accompanying the initial brief.
Said edict, in addition to giving a description of the property or real rights which are subject to public auction, the minimum auction price, and the rest of the complementary data on the auction, shall indicate the day, hour and location where the auction shall take place, and also serve to announce the auction to creditors who have recorded or noted their rights on the mortgaged property after the registration of the forecloser’s credit, or that of the creditors of encumbrances or real rights who may have subordinated them to the claimant’s mortgage, and to the owners, possessors, or holders of, or parties having an interest in titles conveyable by endorsement, or to the bearer, which are secured by a mortgage subsequent to the claimant’s loan, and on which the personal notification of the initial brief and the demand for payment would have no effect, stating in the text of the edict the names of all these interested parties, if they are in the Registry certification, so that they may attend the auction, if they so desire, or before the auction is held, pay off the loan, its interest, assured court costs and lawyers’ fees, and then subrogate their rights to those of the foreclosing creditor.
History —Mortgage Law, 1979, § 220; June 14, 1980, No. 143, p. 535, § 1.