2006 New York Code - Cancellation And Renunciation.

 
  Section 3--605. Cancellation and Renunciation.
    (1)  The  holder  of  an  instrument  may  even  without consideration
  discharge any party
         (a) in any manner apparent on the face of the instrument  or  the
             indorsement, as by intentionally cancelling the instrument or
             the  party's  signature  by  destruction or mutilation, or by
             striking out the party's signature; or
         (b) by renouncing his rights by a writing signed and delivered or
             by surrender of the instrument to the party to be discharged.
    (2) Neither cancellation nor renunciation  without  surrender  of  the
  instrument affects the title thereto.