A formal declaration whereby a person expresses a personal objection or disapproval of an act. A written statement, made by a notary, at the request of a holder of a bill or a note that describes the bill or note and declares that on a certain day the instrument was presented for, and refused, payment.
A protest is generally made to save some right that would be waived unless a negative opinion was expressly voiced. Taxes are often paid under protest, an action by which a taxpayer reserves the right to recover the amount paid if he has sufficient evidence to prevail.
The document states the reasons for the refusal and provides for the notary to protest against all parties to the instrument declaring that they can be held liable for any loss or damages. A notice of protest is given by the holder of the instrument to the drawer or endorser of the instrument.