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Legal Terms - dishonour
(in commercial law) Non-fulfillment of a bill of exchange. This may occur through nonacceptance, when a bill of exchange is presented for acceptance and such acceptance is denied or unattainable (or when presentment for acceptance is excused and the bill remains unaccepted); or through nonpayment, when the bill is presented for payment and payment is denied or unattainable (or when presentment is excused and the bill is overdue and unpaid). In all instances, the holder possesses an immediate right of appeal against the drawer and endorsers; however, international bills that have been dishonored must first undergo protest.
(in commercial law) Non-fulfillment of a bill of exchange. This may occur through nonacceptance, when a bill of exchange is presented for acceptance and such acceptance is denied or unattainable (or when presentment for acceptance is excused and the bill remains unaccepted); or through nonpayment, when the bill is presented for payment and payment is denied or unattainable (or when presentment is excused and the bill is overdue and unpaid). In all instances, the holder possesses an immediate right of appeal against the drawer and endorsers; however, international bills that have been dishonored must first undergo protest.
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