RS 10:3-601 Discharge and payment - Louisiana Statutes

PART 6.  DISCHARGE AND PAYMENT

§3-601.  Discharge and effect of discharge

(a)  The obligation of a party to pay the instrument is discharged as stated in this Chapter or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.

(b)  Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.

Acts 1992, No. 1133, §3, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.