Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or a part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation.
Section: Previous 45.03.107 45.03.108 45.03.109 45.03.110 45.03.111 45.03.112 45.03.113 45.03.114 45.03.115 45.03.116 45.03.117 45.03.118 45.03.119 45.03.120 NextLast modified: November 15, 2016