b c d e f g h i j k l m n o p q r s t u v w y z search |
TeachMeFinance.com - explain No protest historic definition...
No protest -- A draft or a promissory note so marked is not
to be protested, or in other words, is not to go to protest if
not paid ; a draft or a promissory note so marked is not subject
to the protest fee charged by the bank or other agent
entrusted with its collection. An indorsed draft or promissory
note is sometimes marked "No protest" so that demand shall
not be made upon the indorser for the payment of it. When a draft or a promissory note is received marked "No
protest" and the instructions are to protest it if not paid the
draft should be protested on the theory that to make a protest when not necessary is a less serious mistake than to omit
a protest when one is necessary.
|