1. If a debtor pays the value of a negotiable instrument after the cessation of payment date and before the issuance of a decision to initiate bankruptcy proceedings, the amount paid may not be recovered from the instrument bearer. Rather, the drawer or the person, for whose benefit the negotiable instrument is withdrawn shall refund the value paid to the Trustee or the debtor, as the case may be, if, at the time of issuing the negotiable instrument, he is aware of the debtor's cessation of payment. 2. The refund obligation in the case of a promissory note shall fall on the part of the first endorser, if, at the time of obtaining the promissory note, he is aware of the debtor's cessation of payment.
Interpretation and application must be checked against the official text and current version.