Bankruptcy of Several Liable in Negotiable Instruments and Right of Recourse the Holder in Iranian Law and American

The legislator of the Islamic republic of Iran predicts bankruptcy of several liable in Article 251 of Commercial Law. According to this article، several questions are left unanswered: Whether the legislator protects from the holder in condition that several liable were bankrupt or not? Whether the holder has priority or not? What is the position of the United State’s law in the presumption that several liable were bankrupt? The just protection from the holder in Iranian law is joint and several liability of the liable. In Iranian law، the holder has not priority. In the United State’s law، liability of the liable is not joint and several، and also the holder has not priority. The legislator does not accept the theory of provision in the Iranian and the United State’s law.