3601 - Discharge and effect of discharge. - Pennsylvania Statutes

CHAPTER 36 DISCHARGE AND PAYMENT Sec. 3601. Discharge and effect of discharge. 3602. Payment. 3603. Tender of payment. 3604. Discharge by cancellation or renunciation. 3605. Discharge of indorsers and accommodation parties. Enactment. Chapter 36 was added July 9, 1992, P.L.507, No.97, effective in one year. Prior Provisions. Former Chapter 36, which related to discharge, was added November 1, 1979, P.L.255, No.86, and repealed July 9, 1992, P.L.507, No.97, effective in one year. § 3601. Discharge and effect of discharge. (a) Discharge.--The obligation of a party to pay the instrument is discharged as stated in this division or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (b) Effect of discharge.--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.