8.3A-604 - A-604. Discharge by cancellation or renunciation. - Virginia Statutes

§ 8.3A-604. Discharge by cancellation or renunciation.

(a) A person entitled to enforce an instrument, with or withoutconsideration, may discharge the obligation of a party to pay the instrument(i) by an intentional voluntary act, such as surrender of the instrument tothe party, destruction, mutilation, or cancellation of the instrument,cancellation or striking out of the party's signature, or the addition ofwords to the instrument indicating discharge, or (ii) by agreeing not to sueor otherwise renouncing rights against the party by a signed writing.

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

(Code 1950, §§ 6-400, 6-472, 6-475, 6-476; 1964, c. 219, § 8.3-605; 1992, c.693.)