1. A form of disapproval or complaint. 2. Documentary credit. Statement made by a notary that a negotiable instrument is dishonoured. This is due to non payment or a non-acceptance of payment. It is sent to all parties and may lead to legal action against the offender. 3. Law. An action that does not lead to an unintended outcome or implication. For example an invoice may be paid “under protest” without any implication that it should be paid. |