1. A statement, given usu. by a notary public to a drawer or indorser of a negotiable instrument, that the instrument was neither paid nor accepted; information provided to the drawer or indorser that protest was made for nonacceptance or nonpayment of a note or bill. See PROTEST(2). [Cases: Bills and Notes 408. C.J.S. Bills and Notes; Letters of Credit§ 211.]
2. A shipowner’s or crew’s declaration under oath that damages to their vessel or cargo were the result of perils of the sea and that the shipowner is not liable for the damages. See PERIL OF THE SEA.
