Bills of Exchange Act · s 43

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s 43Dishonour by non-acceptance and its consequences

(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.