Definitions (2)
1. Failure of a drawee to pay a valid bill of exchange on its due date. This failure gives the drawer the legal right to the start a court action called protest.
2. Failure of a drawer to pay a valid check on presentment. In many jurisdictions, the drawer of a check that is dishonored due to insufficient funds is guilty of a criminal offense.
Related Videos
http://www.businessdictionary.com/definition/dishonor-by-non-payment.html
