What is Dishonor?

Legal Definition
Contr. This term is applied to the nonfulfilment of commercial engagements. To dishonor a bill of exchange, or a promissory note, is to refuse or neglect to pay it at maturity.

2. The holder is bound to give notice to the parties to such instrument of its dishonor, and his laches will discharge the indorsers. Chit. on Bills, 394, 395, 256 to 278.
-- Bouviers Law Dictionary
Legal Definition
In mercantile law and usage. To refuse or decline to accept a bill of exchange or to refuse or neglect to pay a blil or note at maturity. Shelton v. Braith-waite, 7 Mees. & W. 486; Brewster v. Arnold, 1 Wis. 276. A negotiable instrument is dishonored when it is either not paid or not accepted, according to its tenor, on presentment for that purpose, or without presentment, where that is excused. Civ. Code Cal. ยง 3141. See Notice of dishonor.
-- Black's Law Dictionary
Legal Definition
Refusal to accept a bill of exchange; refusal to pay negotiable paper. See 1 Wis. 264.
-- Ballentine's Law Dictionary