bove does not forfeit his rights. He is responsible for the injury, if any, caused by his negligence, but the damages shall not exceed the amount of the bill of exchange.
Article 46
The drawer, an endorser, or a person guaranteeing payment by aval (avaliseur) may, by the stipulation "retour sans frais", "sans protet", or any other equivalent expression written on the instrument and signed, release the holder from having a protest of non-acceptance or non-payment drawn up in order to exercise his right of recourse.
This stipulation does not release the holder from presenting the bill within the prescribed time, or from the notices he has to give. The burden of proving the non-observance of the limits of time lies on the person who seeks to set it up against the holder.
If the stipulation is written by the drawer, it is operative in respect of all persons who have signed the bill; if it is written by an endorser or an avaliseur, it is operative only in respect of such endorser or avaliseur. If, in spite of the stipulation written by the drawer, the holder has the protest drawn up, he must bear the expenses thereof. When the stipulation emanates from an endorser or avaliseur, the costs of the protest, if one is drawne up, may be recovered from all the persons who have signed the bill.
Article 47
All drawers, acceptors, endorsers or guarantors by aval of a bill of exchange are jointly and severally 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 is possessed by any person signing the bill who has taken it up and paid it.
Proceedings against one of the parties liable do not prevent proceedings against the others, even though they may be subsequent to the party first proceeded against.
Article 48
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 6 per cent from the date of maturity;
(3) The expenses of protest and of the notices given as well as other expenses.
If the right of recourse is exercised before maturity, the amount of the bill shall be subject to a discount. This discount shall be calculated according to the official rate of discount (bank-rate) ruling on the date when recourse is exercised at the place of domicle of the holder.
Article 49
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 6 per cent, starting from the day when he made payment;
(3) Any expenses which he has incurred.
Article 50
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 a receipted account.
Every endorser who has taken up and paid a bill of exchange may cancel his own endorsement and those of subsequent endorsers.
Article 51
In the case of the 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 shall be specified on the bill and that he shall be given a receipt therefor. The holder must also give him a certified copy of the bill, together with the protest, in order to enable subsequent recourse to be exercised.
Article 52
Every person havin
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