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Bills of Exchange Act · s 47
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Bills of Exchange Act · s 47
Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.
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 the provisions of this Act, when a bill is dishonoured by non-payment, and immediate right of recourse against the drawer or indorsers accrues to the holder.