Document ID: chunk:federal_register_of_legislation:C2012C00128:section:48
Version: federal_register_of_legislation:C2012C00128
Segment Type: section
Provision Reference: s 48
Character Range: 35850–36390

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.