70A-3-604 - Discharge by cancellation or renunciation. - Utah Statutes

70A-3-604. Discharge by cancellation or renunciation.
(1) A person entitled to enforce an instrument, with or without consideration, maydischarge the obligation of a party to pay the instrument by an intentional voluntary act, such assurrender 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 instrumentindicating discharge, or by agreeing not to sue or otherwise renouncing rights against the party bya signed writing.
(2) Cancellation or striking out of an indorsement pursuant to Subsection (1) does notaffect the status and rights of a party derived from the indorsement.

Repealed and Re-enacted by Chapter 237, 1993 General Session