673.6041 Discharge by cancellation or renunciation. - Florida Statutes

673.6041 Discharge by cancellation or renunciation.

   (1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument:

   (a) By an intentional voluntary act, such as:

   1. Surrender of the instrument to the party;

   2. Destruction, mutilation, or cancellation of the instrument;

   3. Cancellation or striking out of the party’s signature; or

   4. Addition of words to the instrument indicating discharge; or

   (b) By agreeing not to sue or otherwise renouncing rights against the party by a signed writing.

   (2) Cancellation or striking out of an indorsement pursuant to subsection (1) does not affect the status and rights of a party derived from the indorsement.

History. s. 2, ch. 92-82.