Commercial Debt Collection in San Juan
Puerto Rico, otherwise known officially as the Commonwealth of Puerto Rico, is an unincorporated territory of the United States. Its capital and most populated municipality is San Juan, is the 3rd oldest European capital city in the Americas.
Founding of San Juan
In 1521, San Juan was founded by Spanish colonists, who at the time called the area Caridad de Puerto Rico. As part of the Spanish Empire, San Juan was used by military and merchant ships as a stopover. For several years, San Juan became a target of foreign powers of the time, who built a fortification network to protect transports of silver and gold.
In the late 1890s, much of San Juan was destroyed from the Spanish-American War. In what is now known as the Puerto Rican Campaign, 3,300 American troops Faught against Spanish and Puerto Rican troops in a bloody and destructive battle. Eventually, Spain ceded the Puerto Rico island to the US by signing the Treaty of Paris.
Parks & Recreation
The San Juan municipality contains several thriving private and public parks, historic and heritage parks, nature reserves, protected natural areas, and recreational parks.
The municipality is also known for its San Juan Ecological Corridor, which is a conservation project by the Government of Puerto Rico. This conservation project protects riparian ecosystems along the Piedras River. Several of San Juan’s historic parks offer tourists vast acres of recreational and historic lands including a small zoo, historic military sites, and a convention center.
San Juan Economy
One of the main drivers to the entire Puerto Rican economy is tourism, because of the beauty of the island life and nature. Due to San Juan’s beauty and history, tourism is also a main driver to the municipality.
In San Juan, there are a few large tourist attractions:
- Old San Juan: a historic district of the islet of San Juan, which includes several historic buildings, structures and castles.
- Ocean Park: upscale, beachfront community within the barrio of Santurce in San Juan.
- Isla Verde: an area of Carolina outside the eastern border of San Juan.
- Condado: an oceanfront, tree-lined, pedestrian-oriented upper middle to upper class community.
San Juan is the birthplace of several artists and musicians who have influenced Puerto Rican culture. The Luis A. Ferré Performing Arts Center is home to the Puerto Rico Symphony Orchestra and hosts the Casals Festival. The municipality also hosts several theater and music performances, which help with the area’s economy.
Commercial Debt Collection Laws
Prestige Services, Inc. (PSI) is one of the most successful commercial debt collection businesses in the United States. As a business committed to providing outstanding services, PSI is also dedicated to including commercial debt collection facts for businesses interested in our services.
In San Juan, there are several significant debt collection laws that could affect your attempts to get money back from debtors. The statute of limitations for open accounts and merchandise open accounts is 3 years, 20 years for mortgage accounts, and 15 years each for written contracts, domestic judgments, and foreign judgments.
Visit our summary page for additional stats on business-to-business debt collection laws in Puerto Rico.