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<hr>BILLS OF EXCHANGE ACT 1909 – SECT 48Dishonour 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.
BILLS OF EXCHANGE ACT 1909 – SECT 48
Dishonour 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.