11-3-604
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11-3-604. Discharge
by cancellation or renunciation.
(a)
A person entitled to enforce an instrument, with or without consideration, may
discharge the obligation of a party to pay the instrument by (i) an intentional
voluntary act such as surrender of the instrument to the party, destruction,
mutilation, or cancellation of the instrument, cancellation or striking out of
the party´s signature, or the addition of words to the instrument
indicating discharge; or (ii) agreeing not to sue or otherwise renouncing rights
against the party by a signed writing.
(b)
Cancellation or striking out of an indorsement pursuant to subsection (a) of
this Code section does not affect the status and rights of a party derived from
the indorsement.