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FINDLAW LEGAL DICTIONARY

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Honor

honor vt

hon·ored
hon·or·ing
1 : to accept and pay [the bank ed the check]
2 : to purchase or discount (a draft) in compliance with a letter of credit



Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.