30-3-601. Discharge and effect of discharge. (1) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party that would discharge an obligation to pay money under a simple contract. (2) Discharge of the obligation of a party is not effective against a […]
30-3-602. Repealed. Sec. 230, Ch. 410, L. 1991. History: En. Sec. 3-602, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-602.
30-3-603. Payment. (1) Subject to subsection (2), an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument and to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument is discharged […]
30-3-604. 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. (2) If tender of payment of an obligation to pay an instrument […]
30-3-605. Discharge by cancellation or renunciation. (1) A person entitled to enforce an instrument may, with or without consideration, 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 out of the […]
30-3-606. Repealed. Sec. 230, Ch. 410, L. 1991. History: En. Sec. 3-606, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-606.
30-3-607. Discharge of indorsers and accommodation parties. (1) For the purposes of this section, the term “indorser” includes a drawer having the obligation stated in 30-3-423(3). (2) Discharge of the obligation of a party to the instrument under 30-3-605 does not discharge the obligation of an indorser or accommodation party having a right of recourse against the […]
