20:59
got a random stanford email and almost had a heart attack
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LSDefine
Simple English definitions for legal terms
note of protest
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A quick definition of note of protest:
A note of protest is a written statement by a notary public that a negotiable instrument, such as a check or promissory note, was not paid or accepted when presented. It is a way to formally express disapproval or dissent and to preserve a claim or right. The notary's memo includes the date, amount, and cause of dishonor, and is charged to the memory of the notary. A note of protest can also refer to a formal statement disputing the legality or validity of a debt while agreeing to make payment, or to a taxpayer's statement that payment is being made unwillingly because the tax is believed to be invalid. In international law, a note of protest is a formal communication objecting to conduct or a claim by another subject as violating international law.
A more thorough explanation:
A note of protest is a preliminary memo made by a notary public stating that a negotiable instrument, such as a check or promissory note, was not paid or accepted when presented. This memo is formalized at a later time and is called a protest. A protest is a formal statement or action expressing dissent or disapproval.
- When a check is presented to a bank and there are insufficient funds to cover it, the bank may issue a note of protest to the person who presented the check.
- If a promissory note is not paid on the due date, a notary public may issue a note of protest to the person who signed the note.
- A company may issue a note of protest disputing a debt's legality or validity but agreeing to make payment while reserving the right to recover the amount at a later time.
These examples illustrate how a note of protest is used to formally document that a negotiable instrument was not paid or accepted when presented. It is an important legal document that can be used to preserve a claim or right.