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Refusal to Discharge Debt with Bill of Exchange

BILLS OF EXCHANGE ACT 1909 – SECT 47

Non – acceptance

When a bill is duly presented for acceptance and is not accepted within the customary time, the person presenting it must treat it as dishonoured by non – acceptance. If the person does not, the holder shall lose his or her right of recourse against the drawer and indorsers.

 

BILLS OF EXCHANGE ACT 1909 – SECT 48

Dishonour by non – acceptance and its consequences

  1. A bill is dishonoured by non – acceptance:
    1. when it is duly presented for acceptance, and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or
    2. 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.

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Refusal to Discharge Debt with Bill of Exchange **

Details of Sender / Beneficiary

Details of Corporation / Trustee

Bill of Exchange Details

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