Article 472 of Commercial Code

1 - Where a bill of exchange is not paid to its holder at maturity, the holder may have recourse against its endorsers, its drawer, and the other persons liable thereon. 2 - The holder also has the right of recourse against these persons before maturity in the following cases: a - In the event of total or partial refusal of acceptance. b - In the event of the drawee's bankruptcy, whether or not he has accepted the bill of exchange; in the event of his cessation of payment of his debts, even if such cessation has not been established by a judgment; and in the event of an unsuccessful attachment of his property. c - In the event of the bankruptcy of the drawer of a bill of exchange stipulated not to be presented for acceptance. When recourse is taken against the guarantors in the cases specified in items b and c, they may submit to the President of the Court of First Instance, within three days from the date recourse is taken against them, a petition requesting a period of grace for payment. If the President of the Court considers the request justified, he shall specify in his order the time within which payment must be made, provided that the period granted does not extend beyond the date fixed for maturity of the bill of exchange. No challenge to this order shall be admissible.