Dishonour of bill
A bill may be dishonoured either by
non-acceptance or by non-payment. When an instrument is dishonoured the holder
must give notice of dishonour to the drawer or his previous holders if he wants
to make them liable.
Dishonoured by non-acceptance:- A bill is said to be dishonoured by non-acceptance:-
(1)when the drawee does not accept it within 48 hours from the time of presentation for acceptance. (2)When presentation for acceptance is excused and the bill remained unaccepted.
(3)When the drawee is incompetent to contract.
(4)When the drawee is fictitious person or after reasonable search, cannot be found.
Dishonoured by non-payment:- A promissory note, a bill of exchange or cheque is said to be dishonoured by non-payment: ---
a. When the maker of the note, acceptor of the bill or drawee of the cheque makes default in payment upon being duly required to pay the same; and
b. When presentation for payment is excused and the installment when overdue remains unpaid.
Record of bills of exchange or promissory notes:
· A person who receives a promissory note or receives an accepted bill of exchange will treat it as newassets under the name of Bills Receivable
· A parts "who issues a promissory note or accept a Bill of Exchange will treat it as liability under theheading of Bills Payable.
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