Article 501 of Commercial Code

1 - A person who pays a bill of exchange by intervention acquires all rights arising from it against the person for whose benefit payment was made and against those liable to the latter under the bill of exchange. Nevertheless, this payer may not endorse the bill of exchange anew. 2 - Endorsers subsequent to the person for whose benefit payment was made shall be discharged. 3 - If several persons compete to pay by intervention, preference shall be given to the person whose payment results in the discharge of the greatest number of liable persons. A person who intervenes to pay in violation of this rule, with knowledge thereof, shall lose his right of recourse against those who would have been discharged had this rule been observed. Chapter Four Limitation