The term ________ occurs when a holder presents an instrument in a timely and proper manner, but acceptance or payment is refused.

Name: The term ________ occurs when a holder presents an instrument in a timely and proper manner, but acceptance or payment is refused.
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Question

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The term "dishonored" is used when an instrument (like a check or a promissory note) is presented for payment or acceptance in a proper manner but is refused by the party from whom acceptance or payment is sought.

The Term ________ Occurs When a Holder Presents an Instrument