§3-1601. Discharge and effect of discharge (1). The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party that would discharge an obligation to pay money under a simple contract. [PL 1993, c. 293, Pt. A, §2 (NEW).] (2). Discharge […]
§3-1602. Payment (1). Subject to subsection (2), an instrument is paid to the extent payment is made: (a). By or on behalf of a party obliged to pay the instrument; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). To a person entitled to enforce the instrument. [PL 1993, c. 293, […]
§3-1603. Tender of payment (1). If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. [PL 1993, c. 293, Pt. A, §2 (NEW).] (2). […]
§3-1604. Discharge by cancellation or renunciation (1). A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument: (a). By an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation or cancellation of the instrument, cancellation or striking […]
§3-1605. Discharge of indorsers and accommodation parties (1). In this section, the term “indorser” includes a drawer having the obligation described in section 3‑1414, subsection (4). [PL 1993, c. 293, Pt. A, §2 (NEW).] (2). Discharge, under section 3‑1604, of the obligation of a party to pay an instrument does not discharge the obligation […]
