1. A holder may have recourse against obligors of a bill of exchange prior to the date of maturity in the following cases: a. Total or partial refrainment from acceptance; b. Bankruptcy of the drawee, whether he accepted the bill of exchange or not, or when he suspends payment, even if no adjudication is rendered declaring his bankruptcy, or when an attachment of no avail is levied at his property; or c. Bankruptcy of the drawer of the bill of exchange required not to be presented for acceptance. 2. The giver of an aval may request a time limit for payment when recourse is exercised against him in the two cases provided for in Paragraphs (b) and (c) of Clause (1) above, by applying to the Court of First Instance within whose jurisdiction his place of residence is located, within (3) three days from the date of recourse against him. Where the Court of First Instance considers that the grant of the time limit is justifiable, it shall determine in its decision the date on which the payment shall be conducted; provided that it does not exceed the date set for maturity. The Court's decision in this respect shall be non-appealable.
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