Hong Kong Ordinances

BILLS OF EXCHANGE ORDINANCE - SECT 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 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.]