Cap. 13 ст. 235When holder loses his right of recourse.

It shall not be competent to the holder of a bill, in case of non-payment, to exercise his right of recourse against the drawer or the endorsers -

(a) if the bill was not presented for acceptance, where necessary, or for payment, to the drawee or the parties mentioned in articles 228 and 229;

(b) if the holder has refused acceptance or payment by a party intervening for the honour of the drawer or of any of the endorsers.