1. The holder of a pledge deed may not have recourse against the debtor or endorsers until the execution over the mortgaged goods has been effected and it has been established that it is insufficient to pay off the debt. 2. The holder of a mortgage deed shall have recourse against the endorser within (15) fifteen days from the date on which goods are sold, otherwise his action shall be rejected in case of denial. 3. In all cases, the action of holder of a mortgage deed for recourse against endorsers shall be barred if he fails to initiate the execution proceedings against the mortgaged goods within (30) thirty days from the maturity date of the debt.
Interpretation and application must be checked against the official text and current version.