Dishonor

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Dishonor

A refusal to pay.

Dishonor

To refuse payment on a check, receipt, or some other document demanding payment. One usually dishonors a document if there is something irregular about it, such as a check drawn with insufficient funds. See also: Honor.
References in periodicals archive ?
While there is a limited fraud exception to this rule, the issuing bank will not find it easy to invoke fraud as a ground for dishonoring a letter of credit draw, as Concord had discovered.
The beneficiary cannot rely on an issuing bank's error in untimely or improperly dishonoring a letter of credit draw or disposing of documents presented by the beneficiary as justification for relieving the beneficiary of the consequences of submitting nonconforming documents.