Negotiable Instruments Act Article 22

Rights in a negotiable instrument are extinguished by prescription if not exercised within 3 years from the date of maturity of the instrument against the acceptor of a bill of exchange or the maker of a promissory note, or from the date of issuance for promissory note payable at sight. Rights on a check are extinguished by prescription if not exercised within 1 year from the date of drawing against the check drawer.The right of recourse of the holder of a bill of exchange or promissory note against any party prior to them is extinguished by prescription if not exercised within 1 year from the date when the protest is made. The right of recourse of the holder of a check against any party prior to them is extinguished by prescription if not exercised within 4 months from the date when the protest is made. If there is a waiver of protest, the prescription period applicable to a bill of exchange or promissory note begins to run from the date of maturity, while that applicable to a check begins to run from the date of presentment for payment.The right of recourse of an endorser of a bill of exchange or promissory note against any party prior to them is extinguished by prescription if not exercised within 6 months from the date of payment or the date the suit was brought against them, as the case may be. The right of recourse of an endorser of a check against any party prior to them is extinguished by prescription if not exercised within 2 months.Despite extinction of rights in a negotiable instrument because of prescription or non-compliance with any of the procedural formalities under the provisions of this Act, the holder of the instrument may still claim against the drawer or maker or the acceptor repayment to the extent to which the latter may have been benefited.