Cap. 13 ст. 242Where holder accepts voluntary arrangement.

(1) Nevertheless, where the holder of a bill accepts a voluntary arrangement with the drawer or the acceptor, he shall lose his right of recourse against all the endorsers.

(2) Where the arrangement is made with one of the endorsers, the holder loses his right of recourse against all the subsequent endorsers, but preserves his rights against the acceptor. He preserves his rights also against the prior endorsers and the drawer, unless such endorsers or drawer prove that they have been prejudiced by such arrangement and provided the holder has expressly reserved his rights against them.

(3) Where the arrangement is made with the drawer, the acceptor, if he has not been put in funds, shall be entirely discharged.

(4) Finally, where the arrangement is voluntarily made with the acceptor, and such acceptor has been put in funds, the holder loses his right of recourse against the drawer.