What Is Dishonor Of A Bill?


Answer:
Dishonor of the bill: when the bill of exchange is not accepted or not paid on maturity the bill is said to hold been dishonored. From the above it is clear that the bill is dishonored on two accounts:
a. Dishonor by non-acceptance
b. Dishonor by non-payment
Dishonor by non-acceptance: when the drawee refuse to adopt the bill, it stands to be dishonored. The dishonor by-non-acceptance may have the following reasons:
1. The drawee doesn't accept the bill inwardly 24 hours of its receipt.
2. When the drawee is not entitled to accepted it.
3. When the drawee is a bogus person.
4. If the bill is to be conditionally accepted
5. When the drawee disappears.

6. In case in that are many drawee, and all the drawees do not sign the bill.
Dishonor by Non-Payment: Another reason for the dishonor of a bill is its defaulting at maturity the drawee may refuse to make the donation of the bill when it is presented at maturity, this refusal gives rise to dishonor by nonpayment.
The dishonor affects all the party to the bill. They include the drawer, all endorse and endorse, who are adjectives accountable and liable to the holder.

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