BILLS OF EXCHANGE ACT - 1961 (ACT 55)

Section - 45 - 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 or recourse against the drawer and endorsers accrues to the holder.