Bills of Exchange Act, 1964 (Act No. 34 of 1964)

Chapter I

General duties of the holder

45. When bill is dishonoured by non-payment, and consequences thereof
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(1)A bill is dishonoured by non-payment—
(a)if it is duly presented for payment and payment is refused or cannot be obtained; or
(b)if presentment is excused and the bill is overdue and unpaid.

 

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