Formal written notice that the payer has refused to make payment. The bearer of a bill of exchange files such a protest in cases where the payer cannot honour a bill on the due date and cannot obtain a prolongation from the issuer. This protest gives the bearer of the bill the right to demand payment of the amount of the bill, interest since the due date, protest costs and other expenses as well as compensation from a previous owner or the issuer by way of recourse to the endorser.