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New Jersey Statutes, Title: 12A, COMMERCIAL TRANSACTIONS
Chapter 3:
Section: 12A:3-604: Discharge by cancellation or renunciation
a. A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument 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 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 subsection a. of this section does not affect the status and rights of a party derived from the indorsement.
L.1995,c.28,s.1.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 12a:3-604 (if available):
Court decisions that cite this statute:
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