554.3604 Discharge by cancellation or renunciation. 1. A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument by an intentional voluntary act,such as surrender of the instrument to the party, destruction, mutilation, or cancellation ofthe instrument, cancellation or striking out of the party’s signature, or the addition of wordsto the instrument indicating discharge; or by agreeing not to sue or otherwise renouncingrights against the party by a signed writing. 2. Cancellation or striking out of an endorsement pursuant to subsection 1 does not affect the status and rights of a party derived from the endorsement. 94 Acts, ch 1167, §76, 121, 122; 2013 Acts, ch 30, §150Referred to in §554.3605 Sat Dec 23 01:57:10 2023 Iowa Code 2024, Section 554.3604 (24, 0)
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