dishonor by non-payment definition

dishonor by non-payment

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.

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.

dishonor by non-payment is in the Banking, Commerce & Finance subject.

dishonor by non-payment appears in the definition of the following term: acceptance for honor

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