Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IGeneral duties of the holder41. When bill is dishonoured by non-acceptance, and consequences thereof |
| (1) | A bill is dishonoured by non-acceptance if— |
| (a) | it is duly presented for acceptance, and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or |
| (b) | presentment for acceptance is excused and the bill is not accepted. |
| (2) | Subject to the provisions of this Act, if a bill is dishonoured by non-acceptance, a right of recourse against the drawer and indorsers immediately accrues to the holder, and no presentment for payment is necessary. |