117

All transfers of notes, bonds, bills of exchange or credits of any bank or foreign bank or deposits to the credit thereof, and all assignments of mortgages, surety on real property or of judgments or decrees its behalf and all deposits of money, gold and silver ingots, or any other thing of value for its use or for the use of its stockholders and creditors, and all payments of money to said stockholders or creditors made after said bank is in a state of insolvency as defined in §§ 1 et seq. of this title, or in expectation thereof, with the intent of preventing the application of an asset in the manner prescribed, or with the intent of giving preference to one creditor over another, shall be null and ineffective, and no attachment, foreclosure or writ of injunction shall be issued against said bank or foreign bank, or against its properties, before final judgment is rendered in any suit, action or proceeding in the Court of First Instance of Puerto Rico.Should the directors of a bank or a foreign bank knowingly violate or knowingly allow any official, agent or employee of the bank or foreign bank to violate the provisions of this section, the penalties prescribed in § 115 of this

or a foreign bank knowingly violate or knowingly allow any official, agent or employee of the bank or foreign bank to violate the provisions of this section, the penalties prescribed in § 115 of this title shall be applied to the guilty directors. History —May 12, 1933, No. 55, p. 322, § 21; May 12, 1936, No. 74, p. 374, § 7; Aug. 28, 1997, No. 108, § 22.