Article 438 of Commercial Code

1 - If the drawee becomes bankrupt and the funds for payment constitute a debt owed by him, that debt shall form part of the assets of the bankruptcy estate. 2 - However, if the drawer has with the drawee goods, negotiable instruments, securities, or other specific property that may be recovered under the provisions governing bankruptcy or as security for payment of the bill of exchange, the holder shall have priority in satisfying his right out of their value.