P.R. Laws tit. 24, § 3131
(a) The Government of Puerto Rico hereby assigns and transfers to the Trust all payments it is entitled to receive under the Settlement Agreement and the provisions of this subsection shall confer upon the Trust absolute title free of any lien or claim on said payments.
(b) When the Board determines that it is in the best interests of the Trust, the Trust is hereby granted the authority to sell (at public or private auction or through negotiations and in exchange for such a consideration in cash or otherwise, under such contracts or agreements as determined by the Board) all or that portion of the payments to be received under the Settlement Agreement at the absolute discretion of the Board, to any person, including the Bank or its subsidiaries, said sale being an assignment of said payments to the buyer. When said sale is carried out, the Trust shall waive any right to receive said payments except the receipt of the payment of the sales price (in cash or in the manner determined by the Board). Said transfer shall not be handled as though creating a debt, liability or obligation of the Government, its agencies or instrumentalities, or of the Trust. The Trust shall apply the proceeds of the sale to any of its authorized purposes, and pending said application, it may be invested as provided in subsection (i) of § 3128 of this title.
(c) All payments made by or in benefit of the Government of Puerto Rico, be it directly to the Trust or in any other manner under the Settlement Agreement shall be, for the purposes of §§ 401 et seq. of Title 19, known as the Uniform Commerce Code of Puerto Rico, considered as general intangibles and not as rights in relation to a judgment. Furthermore, the provisions of § 2004(e) of Title 19, shall not apply to any secured interest created or authorized by the Government, the Trust or any government instrumentality, in relation to said payments.
History —July 30, 1999, No. 173, § 13; Dec. 28, 2000, No. 450, § 5.