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Can you summarize IACO 554.3601?

UNIFORM COMMERCIAL CODE > Discharge and effect of discharge.

Short Summary

1.The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. 2.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. 94 Acts, ch 1167, 73, 121, 122

Jurisdiction

Iowa

Source
IACO 554.3601 [https://reggi.cloud.regology.com/regulations/US-IACO/US-IACO_T_XIII_C_554_S_3601]