Section XII Limitation of Actions

(1)

Actions against the drawee under the bill of exchange shall expire by limitation after three years following maturity.

(2)

Actions of the bearer against the endorsers and against the drawer shall expire by limitation after one year from the date of the duly made protest or from maturity, provided the bill of exchange contains the provision "sans frais".

(3)

Actions of the endorsers Among themselves and against the drawer shall expire by limitation after six months from the date on which the endorser has paid the bill of exchange, or from the date on which an action was brought against him.

The limitation shall be interrupted only with respect of the person against whom an act has been carried out.

The time periods established under this Law for obligations under bills of exchange may not be extended.