Statutes > Arkansas Statutes > Title 4 - Business and Commercial Law > Subtitle 1 - Uniform Commercial Code > Chapter 3 - Negotiable Instruments > Part 6 - Discharge and Payment > § 4-3-601 - Discharge and effect of discharge.

§ 4-3-601 - Discharge and effect of discharge.

4-3-601. Discharge and effect of discharge.

(a) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.

(b) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.