law: Negotiable Instruments Act, 1881 
  100. Protest 
  When a promissory note or bill of exchange has been dishonored
  
  by non-acceptance or non-payment, the holder may, within a reasonable time,
  
  cause such dishonor to be noted and certified by a notary public. Such
  
  certificate is called a protest.
  Protest for better security : When the acceptor of a bill of
  
  exchange has become insolvent, or his credit has been publicly impeached,
  
  before the maturity of the bill, the holder may, within a reasonable time,
  
  cause a notary public to demand better security of the acceptor, and on its
  
  being refused may, with a reasonable time, cause such facts to be noted and
  
  certified as aforesaid. Such certificate is called a protest for better
  
  security.