P.R. Laws tit. 30, § 2725

2019-02-20
§ 2725. Summary procedure—Proceedings after auction; confirmation of award; nonconfirmation and effect

Once the auction is held, the marshal shall return the auction order and memorandum to the Office of the Clerk of the Court along with the edict and other documents in his possession pertaining to the auction, including any objections to the procedure made during the auction. The Clerk shall immediately transfer the entire record of the summary procedure to the court, and the latter shall examine it carefully within ten days, to ascertain that the requirements indicated in this subtitle have been complied with or duly observed in all the steps of the summary procedure and, if it so determines, shall immediately issue an order confirming the award or sale of the mortgaged properties. Without this confirmation, the procedure will not be valid nor shall the award or sale be recordable in the Registry.

If the court decides that these requirements have not been met, in whole or in part, it shall give the reasons for this finding, and may order that errors, omissions or curable defects found be corrected, and that the incorrect steps or procedures arising from the record be done properly, including ordering the debtor or third owner not to pay any amount required over what is owed by him or not covered by the secured mortgage. Once those errors, omissions or defects are corrected or cured in the manner ordered, the court shall confirm the award or sale.

If the court does not confirm the award or sale finally, it shall be void or unlawful, and the price paid shall be returned to the buyer. The mortgage creditor may file a new foreclosure procedure in accordance with the provisions of this subtitle.

Any party affected by the order refusing confirmation may file an appeal in the Supreme Court by ordinary procedures.

History

—Mortgage Law, 1979, § 225.