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§ 3604. Discharge by cancellation or renunciation

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 3. Negotiable Instruments (Refs & Annos)
Chapter 36. Discharge and Payment
13 Pa.C.S.A. § 3604
§ 3604. Discharge by cancellation or renunciation
Currentness
(a) Methods of discharge.--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) Certain rights unaffected.--Cancellation or striking out of an indorsement pursuant to subsection (a) does not affect the status and rights of a party derived from the indorsement.

Credits

1992, July 9, P.L. 507, No. 97, § 5, effective in one year.
13 Pa.C.S.A. § 3604, PA ST 13 Pa.C.S.A. § 3604
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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