Dishonor

A term applied to the nonfulfillment of commercial engagements. To dishonor a bill of exchange or a promissory note is to refuse or neglect to pay it at maturity. The holder is bound to give notice to the parties to such instrument of its dishonor; and his laches will discharge the indorsers. Chit. Bills, 256-278, 394, 395.

A term applied to the nonfulfillment of commercial engagements. To dishonor a bill of exchange, or a promissory note, is to refuse or neglect to pay it at maturity. The holder is bound to give notice to the parties to such instruments of its dishonor; and his laches will discharge the indorsers; Chit. Bills 250, 394; 1 Pars. N. & B. 506, 520.

In mercantile law and usage. To refuse or decline to accept a bill of exchange or to refuse or neglect to pay a blil or note at maturity. Shelton v. Braith-waite, 7 Mees. & W. 486; Brewster v. Arnold, 1 Wis. 276. A negotiable instrument is dishonored when it is either not paid or not accepted, according to its tenor, on presentment for that purpose, or without presentment, where that is excused. Civ. Code Cal. § 3141.

— Notice of dishonor. When a negotiable bill or note is dishonored by nonacceptance on presentment for acceptance, or by non-payment at its mafurity, it is the duty of the holder to give immediate notice of such dishonor to the drawer, if it be a bill, and to the indorsee, whether it be a bill or note. 2 Daniel, Neg. Inst. § 070.

To refuse to accept a bill of exchange, or to refuse or neglect to pay a bill or note at maturity.

In mercantile law and usage. To refuse or decline lo accept a bill of exchange, or to refuse or neglect to pay a bill or note at maturity. A negotiable instrument is dishonored when it is either not paid or nut accepted, ac. cording to its tenor, on presentment for that purpose, or without presentment, where that is excused. Civil Code Cal. § 3141.

To refuse or neglect to accept or to pay negotiable paper at its maturity; also, the failure itself in this respect. Opposed, honor, q. v. The law presumes that if the drawer of a bill of exchange has not had due notice of dishonor he is in- • jured, because otherwise he might have immediately withdrawn effects from the hands of the drawee; and that if the indoraer has not had timely notice the remedy against the parties liable to him is rendered more j)recarious. The consequence, therefore, of neglect of notice is that the party to whom it should have > People V. N. Y. Central R. Co., 29 N. Y. 431 (1864); White V. Leeds, 51 Pa. 189 (1865); 21 id. 406; 53 id. 158; 67 id..34; 14 Hun, 3; 78 N. Y. 56; 15 Pla. 317; 53 Ala. 87. ' La. Civ. Code, arts. 3014-20. ' Cushman v. United States Life Ins. Co., 70 N. Y. 77 been given is discharged from liability.' See Protest, 21

To refuse to accept or pay a bill ornote

In mercantile law and usage. To refuse or decline to accept a bill of exchange, or to refuse or neglect to pay a bill or note at maturity. Smith's Merc, Law, 138, 146, 153.