512. Proof by bona fide holder of bill.

512.     Proof by bona fide holder of bill.

Whether a bill is accepted for value or for the accommodation of the drawer, a bona fide holder for valuable consideration, to whom the bill has been transferred by the drawer as security for a debt less than the amount of the bill, may prove against the acceptor's estate for the whole amount of the bill, and receive dividends until he has received the whole debt1.

If the bankrupt has accepted bills against a loan and given security, and the creditor discounts the bills, the security should be applied