Puerto Rico Assignment of Principal Obligation and Guaranty

State:
Multi-State
Control #:
US-1089BG
Format:
Word; 
Rich Text
Instant download

Description

A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).

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FAQ

Puerto Rico is an unincorporated territory of the United States. Most but not all federal laws apply to Puerto Rico. In addition to the U.S. Constitution, which is the supreme law of the U.S., federal laws include statutes that are periodically codified in the U.S. Code.

What Is the Statute of Limitations in Puerto Rico? For most civil cases, there is a one-year statute of limitations in Puerto Rico from the date of the incident in question. Should you attempt to file a legal claim case after this deadline has passed, it will not be valid.

Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes. Aside from income tax, U.S. federal taxes include customs taxes, federal commodity taxes, and federal payroll taxes (Social Security, Medicare, and Unemployment taxes).

Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor.

Puerto Rico is divided into 78 municipalities, each headed by a mayor. The municipalities also have a municipal legislature, which is in charge of overseeing the mayor's operations, holding public meetings, and enacting municipal resolutions and ordinances.

Can you sue under a state tort claims act? Yes. Puerto Rico law allows suits against the State and municipalities in certain instances of negligence.

Like the U.S. states, Puerto Rico has a government system analogous to the U.S. federal government, with three independent, co-equal branches. Additionally, U.S. federal agencies, military bases, and a federal district court operate in Puerto Rico.

When Puerto Rico became a US territory, it incorporated the common law system. This created a mixed legal system in which common law and civil law are blended. This system is what prevails today. Civil law is applied for family law, divorce, child custody, real property law, and contractual law, among others.

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Puerto Rico Assignment of Principal Obligation and Guaranty