notice of dishonour

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A notice that must be given by the holder of a bill of exchange to the drawer and to each endorser when the bill has been dishonoured; any drawer or endorser to whom notice is not given is discharged. The notice must identify the bill and state that it has been dishonoured by nonacceptance or nonpayment. The notice must be given within a reasonable time of the dishonour (to which strict rules apply). Certain excuses are recognized for failure to give notice or delay.

Subjects: Law.

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