Section 966.- The notice of dishonour in case of non-acceptance or non-payment must contain the date of the bill of exchange, the names or trade names of the drawer and drawee, the amount of the bill, the day of the maturity, the name or trade name and address of the holder, the date of the protest or of the refusal of acceptance or payment, and the fact that the bill was not accepted or paid.

 

Section 967.- All persons who have drawn, accepted, indorsed or guaranteed by aval a bill of exchange, are jointly liable to the holder.

The holder has the right of proceeding against all these persons individually or collectively without being required to observe the order in which they have become bound.

The same right belongs, as against prior parties, to every person who has signed the bill and taken it up.

Proceedings against one of the parties liable do not prevent proceedings against others, though they may be subsequent to the person first proceeded against.

 

Section 968.- The holder may recover from the person against whom he exercises his right of recourse :

(1)   The amount of the unaccepted or unpaid bill of exchange with interest, if interest has been stipulated for ;

(2)   Interest at the rate of 5 per cent per annum from the date of maturity ;

(3)   The expenses of the protest and of the notices given by the holder to his immediate indorser and the drawer, as well as other expenses ;

(4)   A commission which, in the absence of an agreement, shall be 1/6 per cent on the principal payable by the bill, and which in no case can exceed this rate.

If the right of recourse is exercised before maturity, the amount of the bill shall be subject to a discount of 5 per cent.

 

Section 969.- A party, who takes up and pays a bill of exchange, can recover from the parties liable to him :

(1)   The entire sum which he has paid ;

(2)   Interest on the said sum calculated at the rate of 5 per cent per annum, starting from the day when he made payment ;

(3)   Expenses which he has incurred ;

(4)   Commission on the principal sum of the bill of exchange fixed in conformity with Section 968 (4).

 

Section 970.- Every party liable against whom a right of recourse is, or may be, exercised, can require, against payment, that the bill shall be given up to him with the protest and receipted account.

Every indorser, who has taken up and paid a bill of exchange, may cancel his own indorsement and those of subsequent indorsers.

 

Section 971.- A drawer, acceptor or prior indorser to whom a bill of exchange has been reindorsed or retransferred has no right of recourse against a party to whom he was previously liable under the bill.

 

Section 972.- In case of exercise of the right of recourse after a partial acceptance, the party who pays the sum in respect of which the bill has not been accepted can require that this payment should be specified on the bill, and that a receipt be given therefor. The holder must also give him a certified copy of the bill, together with the protest, in order to allow the exercise of subsequent recourse.