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BILLS OF EXCHANGE ACT 1882 - SECT 47

Dishonour by non-payment.

47.(1) A bill is dishonoured by non-payment (a) when it is duly presented for
payment and payment is refused or cannot be obtained, or (b) when presentment
is excused and the bill is overdue and unpaid.

(2) Subject to the provisions of this Act, when a bill is dishonoured by
non-payment, an immediate right of recourse against the drawer and indorsers
accrues to the holder.

© 1882 Crown Copyright

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