# Bills of Exchange Act 1882, Section 47: 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 of recourse against the drawer and indorsers accrues to the holder.

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Source: https://www.legislation.gov.uk/ukpga/Vict/45-46/61/section/47 (the official version)
Page: https://openlegislation.uk/bills-of-exchange-act-1882/section-47
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.