Arizona Laws 47-3604. Discharge by cancellation or renunciation
Current as of: 2024 | Check for updates
|
Other versions
A. A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument:
Terms Used In Arizona Laws 47-3604
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Writing: includes printing. See Arizona Laws 1-215
1. By an intentional voluntary act, such as surrender 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 instrument indicating discharge; or
2. By agreeing not to sue or otherwise renouncing rights against the party by a signed writing.
B. Cancellation or striking out of an indorsement pursuant to subsection A does not affect the status and rights of a party derived from the indorsement.