Acceptance of Payment by Bill of Exchange Waives Recourse Against Drawer and Endorsers

A party who accepted a payment by way of a bill of exchange, without reserving rights against the drawer or endorsers for non-acceptance or non-payment, is deemed to have waived recourse against those obligated parties, as the acceptance of such a payment constitutes a definitive relinquishment of the right to pursue an action against them. The court upheld this principle, affirming that the act of receiving payment via the bill of exchange, without expressly preserving the right to sue the drawer or endorsers, necessarily implies a tacit renunciation of such recourse.