| Discharge and Effect of Discharge - Ucc 3-601.

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Effective: August 19, 1994

Latest Legislation: Senate Bill 147 - 120th General Assembly

(A) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party that would discharge an obligation to pay money under a simple contract.

(B) The 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.


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