What is Extinguishment of rights of action on bill in acceptor's hands? What is Dishonour by non-acceptance? Extinguishment of rights of action on bill in acceptor's hands and Dishonour by non-acceptance are defined under Section 90 and 91 of Negotiable Instruments Act 1881
If a bill of exchange which has been negotiated is, at or after maturity, held by the acceptor in his own right, all rights of action thereon are extinguished.
A bill of exchange is said to be dishonoured by non-acceptance when the drawee, or one of several drawees not being partners, makes default in acceptance upon being duly required to accept the bill, or where presentment is excused and the bill is not accepted.
Where the drawee is incompetent to contract, or the acceptance is qualified, the bill may be treated as dishonoured.
CHAPTER VII OF DISCHARGE FROM LIABILITY ON NOTES, BILLS AND CHEQUES
CHAPTER VIII OF NOTICE OF DISHONOUR
CHAPTER IX OF NOTING AND PROTEST