South Carolina Statutes
§ 36-3-604 — Discharge by cancellation or renunciation.
(a)A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i) 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 (ii) by agreeing not to sue or otherwise renouncing rights against the party by a signed record.
(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.
(c)In this section, "signed," with respect to a record that is not a writing, includes the attachment to or logical association with t
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South Carolina § 36-3-604 (Discharge by cancellation or renunciation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 10.3-604; 1966 (54) 2716; 2008 Act No. 204, SECTION 2, eff July 1, 2008.
Nearby Sections
15
§ 36-3-101
Short title.§ 36-3-102
Subject matter.§ 36-3-103
Definitions.§ 36-3-104
Negotiable instrument.§ 36-3-105
Issue of instrument.§ 36-3-106
Unconditional promise or order.§ 36-3-107
Instrument payable in foreign money.§ 36-3-108
Payable on demand or at definite time.§ 36-3-109
Payable to bearer or order.§ 36-3-111
Place of payment.§ 36-3-112
Interest.§ 36-3-113
Date of instrument.§ 36-3-114
Contradictory terms of instrument.§ 36-3-115
Incomplete instrument.