Article 428 of Commercial Code

1 - The possessor of a bill of exchange shall be considered its lawful holder whenever he establishes his entitlement thereto by an uninterrupted series of endorsements, even if the last is an endorsement in blank. Crossed-out endorsements shall, in this respect, be deemed not to exist. If an endorsement in blank is followed by another endorsement, the signatory of that latter endorsement shall be deemed to be the person to whom the right to the bill of exchange passed by the endorsement in blank. 2 - If a person loses possession of a bill of exchange, its holder shall not be required to relinquish it whenever he establishes his right thereto in accordance with the foregoing provisions, unless he acquired it in bad faith or committed gross negligence in acquiring it.