47-3601. Discharge and effect of discharge A. 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 which would discharge an obligation to pay money under a simple contract. B. Discharge of the obligation of a party is not effective […]
47-3602. Payment A. Subject to subsection B of this section, 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 […]
47-3603. 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 tender of payment of an obligation to pay […]
47-3604. 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: 1. 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 […]
47-3605. Discharge of indorsers and accommodation parties A. In this section, the term " indorser" includes a drawer having the obligation described in section 47-3414, subsection D. B. Discharge, under section 47-3604, of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation party having a […]
