1. Where the drawee is declared bankrupt and the consideration for payment is a debt owed by the same, such debt shall be included in the assets of the bankruptcy. 2. Where the drawee who is declared bankrupt has possession on behalf of the drawer of goods, commercial papers, securities or any other properties that may be recovered according to the provisions of the Bankruptcy Law, and such property is expressly or implicitly allocated for payment of the value of the bill of exchange, the bearer shall have a priority to collect his right from the value thereof.
Interpretation and application must be checked against the official text and current version.