Article 439 of Commercial Code

1 - If several bills of exchange are drawn against a single cover for payment whose value is insufficient to pay all of them, the chronological order of their dates of drawing shall be observed with respect to their holders' rights to recover their debts out of the said cover for payment, and the holder of the bill of exchange dated earlier than the dates of the Index of the Law 1316 Home Page Commercial Law Decree-Law No. 68 of 1980 Promulgating the Commercial Law other bills of exchange shall have priority over the others. 2 - If the bills of exchange were drawn on the same date, the bill bearing the drawee's acceptance shall have priority. - If no bill of exchange bears the drawee's acceptance, the bill for whose payment the cover for payment was allocated shall have priority. 4 - Bills of exchange containing a non-acceptance clause shall rank last. Section Two Acceptance of the Bill of Exchange