(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.
