1. The bearer of a bill of exchange shall forfeit his right, pursuant to the rules of the Exchange Law, to have recourse against the drawer, endorsers and other obligors, except the acceptor, upon the expiry of the time limits set for the undertaking the following: a. Present the bills of exchange payable at sight or a certain period after sight. b. Make a protest for non-acceptance or non-payment. c. Present the bill of exchange for payment if it contains a stipulation of recourse without costs. 2. Nevertheless, the drawer shall take advantage of such forfeiture only if he proved that he made available the consideration for payment on the maturity date, in which case, the bearer may have recourse only against the drawee. 3. Where a bill of exchange is not presented for acceptance within the time limit set by the drawer, the bearer shall forfeit his right of recourse, due to the non-acceptance and non-payment, unless it is revealed from the wording of the stipulation that the intention of the drawer thereby was to relieve himself from guaranteeing the acceptance. 4. Where the endorser stipulates on his endorsement for a date for presentation of the bill of exchange for acceptance, he may solely take advantage of such stipulation.
Interpretation and application must be checked against the official text and current version.