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Bills of Exchange Act 1909
52Dishonour by non‑payment
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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.