Saturday, July 19, 2014

PR Journal: Puerto Rico Recovery Act May Be Struck Down | Comp...

PR Journal: Puerto Rico Recovery Act May Be Struck Down | Comp...: »   Puerto Rico Recovery Act May Be Struck Down - ValueWalk 18/07/14 11:11 from  puerto rico - Google News Puerto Rico Recovery Act May Be...



"According to the Funds, this would constitute a taking in violation of the Takings Clause because it would enable the creation of a superior lien on already liened property without paying compensation to the lienholders.

It may be noted that there could be other constitutional infirmities in the Act, but the alleged violation of the Takings Clause is the most serious, and the one most likely to succeed in a constitutional challenge.

Puerto Rico authorities put up a determined front, however

Regardless, in a webcast yesterday, Puerto Rico has asserted the legality of the Act and its determination to defend it..." 

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