52
CurrentDishonour by non‑payment
Part IIBills of exchange
Division 5General duties of the holder
52 Dishonour by non‑payment
(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.
This Act’s bill:Second reading speech
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