Bona fide farmers are hereby exempted from the payment of Internal Revenue stamps and registry fees in the execution of documents and registration in the Puerto Rico Property Registry, including but not limited to the options, segregation, buying and selling, assignment, exchange, gift, usufruct and/or personal [property] for the use of their agricultural business, as well as the assignment, establishing, extension, modification, release and/or canceling of liens on real property and/or chattel, to finance their agricultural business and/or severally secure the financing of the agricultural business of another bona fide farmer, regardless of the banking or credit entity used for these purposes. The authorizing notary shall comply with Rule 28 of the Notarial Regulations in effect, in order to establish the capacity as bona fide farmer of the appearing party, taking as reference the certification issued by the Secretary of Agriculture. Furthermore, in the execution, the appearing bona fide farmer shall state under oath that the binding juristic act is for the use of his/her agricultural business and/or to severally secure the financing of another agricultural business as defined in ide farmer shall state under oath that the binding juristic act is for the use of his/her agricultural business and/or to severally secure the financing of another agricultural business as defined in § 10402(b) of this title. History —Dec. 1, 1995, No. 225, added as § 11 on Apr. 30, 1996, No. 35, § 9.
Puerto Rico Legal Code