43 Dishonour by non-acceptance and its consequences.U.K.
(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.