s 43 Dishonour by non-acceptance and its consequences
43.—(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.
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