400.3-604. Discharge by cancellation or renunciation.
Discharge by cancellation or renunciation.
400.3-604. (a) A person entitled to enforce an instrument,with or without consideration, may discharge the obligation of aparty to pay the instrument (i) by an intentional voluntary act,such as surrender of the instrument to the party, destruction,mutilation, or cancellation of the instrument, cancellation orstriking out of the party's signature, or the addition of wordsto the instrument indicating discharge, or (ii) by agreeing notto sue or otherwise renouncing rights against the party by asigned writing.
(b) Cancellation or striking out of an endorsement pursuantto subsection (a) does not affect the status and rights of aparty derived from the endorsement.
(L. 1992 S.B. 448)*No continuity with § 400.3-604 as repealed by L. 1992 S.B. 448.