Article 381 of Commercial Code

1 - The bank shall have, against the principal debtor under the instrument, the beneficiary of the discount and the other obligors, all rights arising from the instrument it discounted. 2 - In addition, the bank shall have an independent right against the beneficiary of the discount to recover the sums it placed at his disposal without deducting the interest and commission received by the bank. The bank may exercise this right within the limits of the unpaid instruments, whatever the reason for refusing their payment. - If the discount proceeds are entered in the current account, the bank may cancel the entry Home Page 1307 Law Index Commercial Law Decree-Law No. 68 of 1980 Promulgating the Commercial Law by means of a reverse entry in accordance with Article 403, while notifying the beneficiary of the discount of this entry. Section Eight Letter of Guarantee