On August 9, 2024, the Governor of Puerto Rico signed into law the Federal Lien Registration Act, Act 148-2024 (the “Federal Lien Act”) to eliminate duplication of efforts filing liens in our jurisdiction, which will result in an updated legal framework and reduction of costs and difficulties in the registry of liens.
Currently, federal liens are filed and registered in U.S. District Court for the District of Puerto Rico, while all other security interests in personal property are filed in the Puerto Rico Department of State (“PRDOS”). With the enactment in Puerto Rico of the Uniform Federal Lien Registration Act, all federal liens must be filed and registered with the PRDOS.
The Federal Lien Act will become effective on February 5, 2025, and is undoubtedly a step forward in the legislation regulating commercial transactions in our jurisdiction.
The content of this McV Alert has been prepared for information purposes only. It is not intended as, and does not constitute, either legal advice or solicitation of any prospective client. An attorney-client relationship with McConnell Valdés LLC cannot be formed by reading or responding to this McV Alert. Such a relationship may be formed only by express agreement with McConnell Valdés LLC.
Attorneys
- Rubén Méndez-Benabe
- Jorge M. Ruiz-Montilla
- Salvador Casellas
- Samuel T. Céspedes Jr.
- Harry Cook
- Paul Cortés-Rexach
- Ernesto N. Mayoral
- Ricardo J. García-Negrón
- Patricia George-Iguina
- Francisco J. Pavía
- Jorge Rexach-Vaquer
- Jaime González-Suárez
- Adrián P. Goyco-Vera
- Diego Puello-Álvarez
- Carla S. D’Almeida-Aracena
