Bills of Exchange Ordinance

(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 Ordinance, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer and indorsers accrues to the holder.
[cf. 1882 c. 61 s. 47 U.K.]