Effective – 28 Aug 1992 400.3-601. Discharge and effect of discharge. — (a) 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 which would discharge an obligation to pay money under a simple contract. (b) Discharge of the obligation […]
Effective – 28 Aug 1992, 2 histories 400.3-602. Payment. — (a) Subject to subsection (b), an instrument is paid to the extent payment is made (i) by or on behalf of a party obliged to pay the instrument, and (ii) to a person entitled to enforce the instrument. To the extent of the payment, the […]
Effective – 28 Aug 1992, 2 histories 400.3-603. Tender of payment. — (a) 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. (b) If […]
Effective – 28 Aug 1992, 2 histories 400.3-604. 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 (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or […]
Effective – 28 Aug 1992, 2 histories 400.3-605. Discharge of endorsers and accommodation parties. — (a) In this section, the term “endorser” includes a drawer having the obligation described in Section 400.3-414(d). (b) Discharge, under Section 400.3-604, of the obligation of a party to pay an instrument does not discharge the obligation of an endorser […]
