P.R. Laws tit. 30, § 2721
The auction shall be held on the day, place and time indicated in the edict, in the presence of the marshal of the Court of First Instance Part intervening in the procedure, without its being lawful for this official to deviate from the auction’s terms and conditions indicated by the Court in its sale order.
The price at which the contracting parties appraised the property in the mortgage deed shall serve as a standard for the auction procedure and no bid below this standard shall be accepted. If there is no highest bidder or sale in the first auction, the standard for the second auction shall be two-thirds of the price agreed upon. If there is no highest bidder or sale in the second auction, the standard for the third auction shall be half of the price agreed upon.
If the third auction is declared void, the procedure shall be considered ended, and the property may be awarded to the creditor within the next 10 days, if he considers it desirable, for the entire amount owed if this is equal to or less than the amount of the standard for the third auction, and crediting this amount to the amount owed if it is more. All auctions must be ruled by the court and held according to the previous provisions.
History —Mortgage Law, 1979, § 221.