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Code · Iowa · Chapter 554 — Uniform Commercial Code

554.3601 Discharge and effect of discharge.

75 words·~1 min read·/ia/chapter-554-uniform-commercial-code/554-3601

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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 which would discharge an obligation to pay money under a simple contract.
2. Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.
94 Acts, ch 1167, §73, 121, 122
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