e. Devolution of the holder’s rights; multiple payments for honour
1 The payer for honour acquires the rights under the bill against the party for whom he paid and against those liable to said party under the bill. However, he is not entitled to endorse it further.
2 The subsequent endorsers of the party in whose honour payment was made are released.
3 Where several payments for honour are offered, preference is given to those resulting in release of the largest number of parties liable on the bill. A person paying in honour in contravention of this provision and in full knowledge of the situation forfeits his right of recourse against those who would otherwise have been released.
1 En cas de faillite du tireur, l’action civile que celui-ci pourrait avoir contre le tiré en restitution de la provision ou au remboursement des sommes dont il a été crédité est dévolue au porteur de la lettre de change.
2 Si le tireur déclare sur la lettre de change faire cession de ses droits relatifs à la provision, ceux-ci passent au porteur.
3 Après publication de la faillite ou notification de la cession, le tiré ne peut payer qu’au porteur dûment légitimé, contre remise de la lettre de change.
