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, where an advice is sent through the post office in pursuance of subsection (3) of section 45 of this Act, payment is not obtained-
(i) in the case of a bill not payable on demand on or before the date the bill falls due; or
(ii) in the case of a bill payable on demand, within ten days from the time the advice is posted.
(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 endorsers accrues to the holder.