California Commercial Code Section 3604
Legal Research Home >
California Laws > Commercial Code > California Commercial Code Section 3604
3604. (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 of the
party's signature, or the addition of words to the instrument
indicating discharge, or (2) by agreeing not to sue or otherwise
renouncing rights against the party by a signed writing.
(b) Cancellation or striking out of an indorsement pursuant to
subdivision (a) does not affect the status and rights of a party
derived from the indorsement.
Section: 3604
Last modified: February 22, 2013
|
