Commonwealth Consolidated Acts

BILLS OF EXCHANGE ACT 1909 - SECT 48

             (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.