(1) The holder of an instrument may even without consideration discharge any party
(a) In any manner apparent on the face of the instrument or the indorsement, as by intentionally canceling the instrument or the
party5s signature by destruction or mutilation, or by striking out the
party’s signature; or

(b) By renouncing his rights by a writing signed and delivered or by surrender of the instrument to the party to be discharged.
(2) Neither cancellation nor renunciation without surrender of the instrument affects the title thereto.