Section V Recourse due to default on payment

The bearer may bring his recourse actions against the endorsers, the drawer and the other liable persons, where the refusal to pay has been ascertained by:

1.

protest;

2.

declaration of the drawee written on the cheque with indication of the date of presentation;

3.

dated declaration of the clearing house that the cheque has been presented in due time and has not been paid.

(1)

The protest must be made before expiration of the term for presentation.

(2)

If presentation is made on the last date of the term, the protest must be done on the next business day.