Article 480 of Commercial Code

1 - The holder of a bill of exchange must notify its drawer and the person who endorsed it to him of its non-acceptance or non-payment within the four working days following the day on which the protest was made, or the day of its presentation for acceptance or payment if it contains a clause dispensing with protest. Each endorser must, within the two working days following the day on which he receives the notice, notify the person who endorsed the bill of exchange to him of his receipt of that notice, stating to him the names and addresses of those who gave the previous notices, and so on, from one endorser to another up to the drawer. The period for each endorser shall begin on the date on which he received the notice. 2 - Whenever one of the signatories to the bill of exchange is notified in accordance with the preceding paragraph, his guarantor by aval must likewise be notified within the same period. 3 - If one of the signatories to the bill of exchange has not specified his address, or has stated it illegibly, notification of the endorser preceding him shall suffice. 4 - A person required to give notice may do so in any form, even by returning the bill of exchange itself. 5 - He must prove that he gave notice within the prescribed period, and the period shall be deemed observed if the notice was sent within the said period by registered letter. 6 - The rights of a person required to give notice shall not lapse if he fails to do so within the period stated in the preceding paragraphs; rather, he shall, where appropriate, be obliged to compensate for the damage resulting from his negligence, provided that the compensation does not exceed the amount of the bill of exchange.