In mercantile law and usage. To refuse or decline to accept a bill ofexchange, or to refuse or neglect to pay a bill or note at maturity. Shelton v. Braithwaite,7 Mees. & W. 430; Brewster v. Arnold, 1 Wis. 270.A negotiable instrument is dishonored when it is either not paid or not accepted, accordingto its tenor, on presentment for that purpose, or without presentment, wherethat is excused. Civ. Code Cal.
Black’s Law Online Dictionary
