§ 6A-3-604 - Discharge by cancellation or renunciation. - Rhode Island Statutes

SECTION 6A-3-604

   § 6A-3-604  Discharge by cancellation orrenunciation. – (a) A person entitled to enforce an instrument, with or without consideration,may discharge the obligation of a party to pay the instrument (i) by anintentional voluntary act, such as surrender of the instrument to the party,destruction, mutilation, or cancellation of the instrument, cancellation orstriking out of the party's signature, or the addition of words to theinstrument indicating discharge, or (ii) by agreeing not to sue or otherwiserenouncing rights against the party by a signed writing.

   (b) Cancellation or striking out of an indorsement pursuantto subsection (a) does not affect the status and rights of a party derived fromthe indorsement.