Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A bill is dishonoured by non - acceptance:
(a) when it is duly presented for acceptance, and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or
(b) when presentment for acceptance is excused, and the bill is not accepted.
(2) Subject to the provisions of this Act, when a bill is dishonoured by non - acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary.