TeachMeFinance.com - explain Noting a bill
Noting a bill -- When a bill (draft or promissory note) has
been presented for acceptance or payment and has been dishonored
a note to that effect is indorsed on the bill, after which
it may be formally protested.
When a bill has been noted the protest may (in New York
state) be extended as of (back to) the day of noting.
The protest should be commenced on the day on which acceptance
or payment is refused, but it may be drawn up and
completed at any time before the commencement of suit or
even before or during trial and be antedated accordingly.