Bills of Exchange Act 1949 s 47

s 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.

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