Dishonor
in commerce and banking, a default of payment. If, when a bill is presented for acceptance, the person on whom it is drawn refuses to DISINFECTION accept it, or if, when presented for payment, the acceptor refuses to pay it, or if a promissory note is not paid when it falls due, such default is termed dishonor; and the holder of the bill or note is bound to give notice to the parties who drew the bill or note or to those who have negotiated it. This notice is called notice of dishonor or protest, and if the holder fails to give notice of the same, the parties who would otherwise have been responsible are discharged from their liability.