Section 55: Stranger signing bill liable as indorser
consolidated text (as at 2011, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
55. Stranger signing bill liable as indorser
(1) The payment of a bill may be guaranteed by an aval given by a person who is not a party to the bill.
(2) An aval must be written on the bill or on a separate document.
(3) (a) An aval is created by an expression indicating an intention to
guarantee payment of a bill by the person for whose account the aval is
given, followed by signature.
(b) It is also deemed to be created by the simple signature of the
giver of the aval placed on the bill, but this does not apply to the signature
of the drawee.
(4) Where it is not said for whose account the aval is given, the aval is
deemed to be given to the drawer.
(5) No notice of protest need be given to the giver of an aval.
(6) The giver of an aval or all parties who sign, accept or indorse a bill
are jointly and severally liable to the holder.