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BILLS OF EXCHANGE ACT 1909 - SECT 48 Dishonour by non - acceptance and its consequences

BILLS OF EXCHANGE ACT 1909 - SECT 48

Dishonour by non - acceptance and its consequences

  (1)   A bill is dishonoured by non - acceptance:

  (a)   when it is duly presented for acceptance, and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or

  (b)   when presentment for acceptance is excused, and the bill is not accepted.

  (2)   Subject to the provisions of this Act, when a bill is dishonoured by non - acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary.