... discharged, and the discharge is effective against any subsequent holder. [ N.J.S.A. 12A:3-207.] The official comment to the provision on reacquisition specifically recognizes ... striking the former holder's indorsement and any subsequent indorsements." N.J.S.A. 12A:3-207, comment. 9 The court in Handley v. Horak , 370 N ... Y, and Y returns the instrument without Y's indorsement." N.J.S.A. 12A:3-207, comment. The comment recognizes that in the absence of Y ...