t by a party other than the
drawer, binds only that party but benefits any holder;
(iii) If made outside the instrument, binds only the party
making it and benefits only a holder in whose favour it was
made;
(c) As regards the drawer of the bill, if the drawer and the drawee or the acceptor are the same person.
Article 68
If a person who is required to give notice of dishonour fails to give it to a party who is entitled to receive it, he is liable for any damages which that party may suffer from such failure, provided that such damages do not exceed the amount referred to in article 70 or article 71.
Section 4
AMOUNT PAYABLE
Article 69
1.- The holder may exercise his rights on the instrument against any one party, or several or all parties, liable on it and is not obliged to observe the order in which the parties have become bound. Any party who takes up and pays the instrument may exercise his rights in the same manner against parties liable to him.
2.- Proceedings against a party do not preclude proceedings against any other party, whether or not subsequent to the party originally proceeded against.
Article 70
1.- The holder may recover from any party liable:
(a) At maturity: the amount of the instrument with interest, if interest has been stipulated for;
(b) After maturity:
(i) The amount of the instrument with interest, if
interest has been stipulated for, to the date of maturity;
(ii) If interest has been stipulated to be paid after
maturity, interest at the rate stipulated, or, in the absence
of such stipulation, interest at the rate specified in
paragraph 2 of this article, calculated from the date of
presentment on the sum specified in subparagraph (b) (i) of
this paragraph;
(iii) Any expenses of protest and of the notices given by
him;
(c) Before maturity:
(i) The amount of the instrument with interest, if
interest has been stipulated for, to the date of payment; or,
if no interest has been stipulated for, subject to a discount
from the date of payment to the date of maturity, calculated
in accordance with paragraph 4 of this article;
(ii) Any expenses of protest and of the notices given by
him.
2.- The rate of interest shall be the rate that would be recoverable in legal proceedings taken in the jurisdiction where the instrument is payable.
3.- Nothing in paragraph 2 of this article prevents a court from awarding damages or compensation for additional loss caused to the holder by reason of delay in payment.
4.- The discount shall be at the official rate (discount rate) or other similar appropriate rate effective on the date when recourse is exercised at the place where the holder has his principal place of business, or, if he does not have a place of business, his habitual residence, or, if there is no such rate, then at such rate as is reasonable in the circumstances.
Article 71
A party who pays an instrument and is thereby discharged in whole or in part of his liability on the instrument may recover from the parties liable to him:
(a) The entire sum which he has paid;
(b) Interest on that sum at the rate specified in paragraph 2 of article 70, from the date on which he made payment;
(c) Any expenses of the notices given by him.
CHAPTER VI - DISCHARGE
Section 1
DISCHARGE BY PAYM
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