Protection of Businesses Act, 1978
R 385
Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IGeneral duties of the holder45. When bill is dishonoured by non-payment, and consequences thereof |
| (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. |
