Article 478 of Commercial Code

1 - In the event that the drawee ceases payment, whether or not he has accepted the bill of exchange Law Index 1323 Home Page Commercial Code Decree-Law No. 68 of 1980 Promulgating the Commercial Code and in the event of an unproductive attachment upon his assets, the holder of the bill of exchange may not have recourse against his guarantors except after presenting the bill of exchange to the drawee and drawing up a protest for non-payment. 2 - In the event of the bankruptcy of the drawee for its payment. Whether or not he has accepted the bill of exchange, and in the event of the bankruptcy of the drawer of a bill of exchange stipulated not to be presented for acceptance, production of the bankruptcy judgment shall in itself be sufficient to enable the holder to exercise his rights of recourse against the guarantors.