SECTION 69

(1) The following may be declared non-binding on the body of creditors where they have caused loss to the said creditors: 1° all gratuitous transfers of movable or immovable property done within a period of six months preceding the period of suspicion; 2° registration of securities on personal and real property given or taken for concomitant debts where their beneficiary has had knowledge of the cessation of payments by the debtor; 3° transactions carried out for valuable consideration where the party who transacted with the debtor had knowledge of the latter’s insolvency at the time of the transactions; and 4° voluntary payments of overdue debts where those who received the payments had knowledge of the debtor’s insolvency at the time the payments were made. (2) Notwithstanding the provisions of paragraph (1), 4° of this article, a payment made to the diligent bearer of a bill of exchange, a promissory note or a cheque shall be binding on the body of creditors except in the following cases, where an action for reimbursement to the body of creditors is possible against: 1° the drawer or the principal, in the case of drawing on an account, where the drawee has had knowledge of the insolvency the debtor at the time he draws on the account or at the time of payment of the bill of exchange issued him by the drawee; 2° the beneficiary of the promissory note who has had knowledge of the insolvency of the maker of the note either at the time of endorsement of the note by or at the time of payment. 3° the drawer of a cheque who had knowledge of the insolvency of the drawee at the time the cheque was issued; 4° the beneficiary of a cheque who had knowledge of the insolvency of the drawer at the time the cheque was issued. 5° the beneficiary of a cheque who had knowledge of the insolvency of the drawee either at the time of issuance or at the time of payment of the cheque.