Article 253 of Commercial Code

1 - The holder of a pledge warrant may not have recourse against the debtor or endorsers until execution has been levied against the pledged goods and their insufficiency to satisfy his debt has been established. 2 - Recourse against the endorsers must take place within ten days from the date of sale of the goods; otherwise, the holder's right of recourse shall lapse. 3 - In all cases, the right of the holder of a pledge warrant to have recourse against the endorsers shall lapse if he does not Law Index 1289 Home Page Commercial Law Decree-Law No. 68 of 1980 Promulgating the Commercial Law commence execution proceedings against the pledged goods within thirty days from the date the debt falls due.