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Simple English definitions for legal terms
go to protest
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A quick definition of go to protest:
When someone writes a check or a promissory note and it is not paid or accepted, it is said to "go to protest." This means that the person who wrote the check or note did not fulfill their promise to pay, and it is considered invalid. Going to protest can have negative consequences for the person who wrote the check or note, such as damage to their credit score or legal action taken against them.
A more thorough explanation:
GO TO PROTEST
When a commercial paper, such as a draft, is not paid or accepted, it is said to "go to protest". This means that the paper has been dishonored and the holder of the paper can take legal action to collect the money owed.
John received a draft from his client, but when he tried to cash it at the bank, it was not accepted. The bank stamped the draft as "protested" and John had to take legal action to collect the money owed to him.
Another example could be a company issuing a check to a supplier, but the check bounces due to insufficient funds. The supplier can then "protest" the check and take legal action to collect the money owed.
These examples illustrate how a commercial paper can "go to protest" when it is not paid or accepted, and how the holder of the paper can take legal action to collect the money owed.