Commentary

19 Dishonour by non-acceptance

BILLS OF EXCHANGE vol 4(1)
| Commentary

19 Dishonour by non-acceptance

| Commentary

19 Dishonour by non-acceptance

If 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 he does not, the holder loses his right of recourse against the drawer and indorsers1. A bill is dishonoured by non-acceptance when it is duly presented for acceptance, and acceptance is refused or cannot be obtained, or when presentment for acceptance is excused and the bill is not accepted2. When a bill is dishonoured by non-acceptance an immediate right of recourse against the drawer

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