P.R. Laws tit. 21, § 5938
(a) The sale of personal property for the payment of the credit for transferred tax debt shall be conducted at public auction and, if the property items can be severed from one another or divided, the amount or portion of said attached personal property items which is strictly necessary to cover the payment of the credit for the transferred tax debt, plus interest, surcharges and fees thereon, shall be sold. Before initiating the sale of the personal property at public auction, the latter shall be appraised by a private appraiser who meets the requirements establish by the Center through regulations.
(b) The sale of personal property at public auction shall be conducted within sixty (60) days of the date the attachment is effected, and the minimum rate for awarding said auction shall be fixed at fifty percent (50%) of the amount of the appraisal.
(c) If the auction does not produce a closing bid or is not awarded, the attached personal property shall be awarded to the owner of the certificate of sale at the minimum rate of the appraisal and his/her credit shall be extinguished.
(d) In case the property is awarded to the owner of the certificate of sale or to a third party, the owner of the certificate of sale shall give the owner of the property an amount equal to the excess, if any, of the price or minimum rate of the award, as the case may be, on the credit for the transferred tax debt, plus interest, surcharges and fees.
(e) If the amount obtained from the sale at public auction to a third party is insufficient to cover the total amount of the credit for the transferred tax debt, plus the interest, surcharges and fees, the owner of the certificate of sale may collect the balance pending payment by attaching attachable real or personal property of the debtor taxpayer, following the legal proceedings for collection established in this chapter.
(f) When the bid price for the personal property sold is paid, delivery of the latter shall grant title and rights to the purchaser over said property. Once the credit for the transferred tax debt, plus the interest, surcharges and fees thereon has been satisfied, if any part of the attached personal property has not been sold, the owner of the latter shall be notified and the property shall remain at the site of the auction under the care and responsibility of said owner.
History —June 26, 1997, No. 21, § 20.