Article 487 of Commercial Code

1 - The rights of the holder of a bill of exchange against its drawer, endorsers and other obligors, except its acceptor, shall lapse upon expiry of the periods specified for performing the following: a- Presenting a bill of exchange payable at sight or at a period after sight. b - Drawing up a protest for non-acceptance or non-payment. 1325 Home Page Law Index Commercial Law Decree-Law No. 68 of 1980 Promulgating the Commercial Law c - Presenting the bill of exchange for payment where it contains a clause dispensing with protest. 2 - Nevertheless, the drawer shall not benefit from this lapse unless he establishes that funds for payment existed at maturity. In that case, the holder shall retain only recourse against the drawee. 3 - If the bill of exchange is not presented for acceptance within the period stipulated by the drawer, its holder’s rights of recourse for non-acceptance and non-payment shall lapse, unless it appears from the wording of the stipulation that the drawer intended only to exempt himself from the guarantee of acceptance. 4 - If it is the endorser who stipulated in the endorsement a period for presenting the bill of exchange for acceptance, he alone may benefit from that stipulation.