BILLS OF EXCHANGE.
No. 3 of 1885.
307
(d) as regards an indorser, where the bill was accepted or made for the accommodation of that indorser, and he has no reason to expect that the bill would be paid, if presented;
(e) by waiver of presentment, express or implied.
47.—(1) A bill is dishonoured by non-payment-
Dishonour 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 Ordinance, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer and indorsers accrues to the holder.
48. Subject to the provisions of this Ordinance, when a bill has Notice of been dishonoured by non-acceptance or by non-payment, notice of dishonour must be given to the drawer and each indorser, and upon notice not given is discharged. Provided that-
(1) where a bill is dishonoured by non-acceptance and notice of dishonour is not given, the rights of a holder in due course subsequent to the omission shall not be prejudiced by the omission;
(2) where a bill is dishonoured by non-acceptance and due notice of dishonour is given, it shall not be necessary to give notice of a subsequent dishonour by non-payment, unless the bill has in the meantime been accepted.
49. Notice of dishonour, in order to be valid and effectual, must be given in accordance with the following rules:-
(1) the notice must be given by or on behalf of the holder or by or on behalf of an indorser who, at the time of giving it, is himself liable on the bill;
(2) the notice may be given by an agent, either in his own name or in the name of any party entitled to give notice, whether that party is his principal or not;
(3) where the notice is given by or on behalf of the holder, it enures for the benefit of all subsequent holders and all prior indorsers who have a right of recourse against the party to whom it is given;
(4) where the notice is given by or on behalf of an indorser entitled to give notice as hereinbefore provided, it enures for the benefit of all subsequent holders and prior indorsers who have a right of recourse against the party to whom it is given.
Rules as to notice of dishonour.
BILLS OF EXCHANGE.
No. 3 of 1885.
307
(d) as regards an indorser, where the bill was accepted or made for the accommodation of that indorser, and he has no reason to expect that the bill would be paid, if presented;
(e) by waiver of presentment, express or implied.
47.—(1) A bill is dishonoured by non-payment-
Dishonour by non-
(a) when it is duly presented for payment and payment is payment. 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 Ordinance, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer and indorsers accrues to the holder.
dishonour
48. Subject to the provisions of this Ordinance, when a bill has Notice of been dishonoured by non-acceptance or by non-payment, notice of and effect of dishonour must be given to the drawer and each indorser, and uon-notice. any drawer or indorser to whom such notice is not given is dis- charged Provided that-
(1) where a bill is dishonoured by non-acceptance and notice of dishonour is not given, the rights of a holder in due course subsequent to the omission shall not be prejudiced by the omission;
(2) where a bill is dishonoured by non-acceptance and due notice of dishonour is given, it shall not be necessary to give notice of a subsequent dishonour by non-payment, unless the bill has in the meantime been accepted.
49. Notice of dishonour, in order to be valid and effectual, must be given in accordance with the following rules :-
(1) the notice must be given by or on behalf of the holder or by or on behalf of an indorser who, at the time of giving it, is himself liable on the bill;
(2) the notice may be given by an agent, either in his own name or in the name of any party entitled to give notice, whether that party is his principal or not;
(3) where the notice is given by or on behalf of the holder, it enures for the benefit of all subsequent holders and all prior in- dorsers who have a right of recourse against the party to whom it is given;
(4) where the notice is given by or on behalf of an indorser entitled to give notice as hereinbefore provided, it enures for the
Rules as to notice of dishonour.
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