§3-1601. Discharge and effect of discharge
84 words·~1 min read·
/me/title-11-uniform-commercial-code/3-1601A 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 that would discharge an obligation to pay money under a simple contract.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(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.
[PL 1993, c. 293, Pt. A, §2 (NEW).]