P.R. Laws tit. 30, § 2723
Besides conforming to that provided in the four preceding sections, an auction procedure must also conform to the following rules:
First.— The marshal shall open the auction procedure on the hour, date and place indicated in the published auction edict by reading the entire edict aloud and inviting those present to bid on the properties to be auctioned, on the basis of the corresponding minimum bid.
Second.— The sale of said properties shall be made to the highest bidder, and it shall be the marshal’s duty to always try to obtain the highest price for each property or right to be auctioned.
Third.— The auction shall be held on the court’s working days and not before eight o’clock in the morning nor after five o’clock in the afternoon.
Fourth.— The bid price shall be paid during the auction procedure itself and as soon as the bid is awarded to the highest bidder in cash and legal tender or by certified check drawn to the order of the marshal.
Fifth.— When there are several mortgaged properties, they must be sold separately in the order indicated by the debtor or the third owner if they are attending the auction.
Sixth.— As soon as sufficient properties are sold for the full payment of the amounts claimed, no more may be sold, thus releasing the properties not auctioned from the mortgage subject to foreclosure, and
Seventh.— If the highest bidder in the auction refuses to pay the amount of his bid, the bid awarded shall have no legal effect, and the marshal may auction the property again in the same auction procedure.
After the auction, the marshal shall promptly and separately write up a memorandum of the auction in which he shall clearly show the date, time, place and manner that the auction was held, the participating bidders, the bids made before the sale or adjudication of the properties, enumerating and reporting them in such a way that they are sufficiently and clearly identified, and recording any other detail which, in his judgment, should appear in the auction record. He shall give one copy of this record to the foreclosing creditor and another to the debtor or third owner.
In this auction memorandum, the foreclosing creditor, the debtor, the third owner or any bidder may make objections in writing based on the auction procedures so that they may be considered by the court when the entire record of the procedure is submitted for its confirmation or nonconfirmation of the sale or award.
History —Mortgage Law, 1979, § 223.