Commonwealth Consolidated Acts

BILLS OF EXCHANGE ACT 1909 - SECT 52

             (1)  A bill is dishonoured by non‑payment:

                     (a)  when it is duly presented for payment and payment is refused or cannot be obtained; or

                     (b)  when presentment is excused and the bill is overdue and unpaid.

             (2)  Subject to the provisions of this Act, when a bill is dishonoured by non‑payment, an immediate right of recourse against the drawer and indorsers accrues to the holder.