Section 47Part 2 — Bills of Exchange
Dishonour by non-payment
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A bill is dishonoured by non-payment —
when it is duly presented for payment and payment is refused or cannot be obtained; or
when presentment is excused and the bill is overdue and unpaid.
Subject to this Act, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer and indorsers accrues to the holder.
Defined Terms
dishonour by non-payment