Section 43
Dishonour by non-acceptance and its consequences
ActIn forceProvision 43 of 107
Section 43
(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 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.