P.R. Laws tit. 13, § 354j
(a) The Department of the Treasury shall replace: the right to receive payments on account of a specific tax receivable, with the right to receive payments for one (1) or more tax receivables of an equal or greater value; refund the buyer or acquirer an amount equal to the payments on account of the tax receivable, plus the interest earned on said payments, or make a combination of both remedies, if:
(1) The sale or transfer of the right to receive payments on account of tax receivables or any interest thereon should be found void, null or defective in part or in whole, by a final and binding ruling of a competent court;
(2) the sale or transfer of the right to receive payments on account of tax receivables or any interest thereon does not conform to the representations and guarantees of the Department of the Treasury relative to the sale or transfer of such rights or interest;
(3) to the extent that any plan or amnesty accepted or implemented by the Department of the Treasury or the Secretary of the Treasury has the effect of reducing the number of payments on account of tax receivables whose right to receive payments or any interest thereon has been sold or transferred under the provisions of this chapter, or
(4) to the extent that the tax receivable from which issues the right to receive payments has not been collectable within a period of three (3) years from the date of the sale or transfer of the right to receive payments on account of tax receivables or any interest thereon; Provided, That in this specific case, the refund to the acquirer referred to in this subsection shall not apply, but only the right to replace the tax receivable shall indeed apply.
(b) Such a replacement or refund shall constitute the sole and exclusive remedy available to the buyer or acquirer.
(c) The Department of the Treasury shall fulfill the notice requirements established in this chapter when replacing the right to receive payments on account of a specific tax receivable, with the right to receive payments on account of another tax receivable.
History —July 20, 2008, No. 125, § 13.