Dishonour of bill
Dishonour of bill: A bill may be dishonored either by non-acceptance or by non-payment.
When an instrument is dishonored 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 dishonored by non
acceptance:-
a.
when the drawee does
not accept it within 48 hours from the time of presentation for acceptance.
b.
When presentation
for acceptance is excused and the bill remained unaccepted.
c.
When the drawee is
incompetent to contract.
d.
When the drawee is
fictitious person or after reasonable search, can not be found.
Dishonored by non payment:- A promissory note, a bill of exchange or cheque is said
to be dishonored by non payment: ---
Demo Classes of Accounts (CA/CMA/CS/B.Com/11-12th) by CA/CMA Santosh Kumar Sir
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