Can you summarize IACO 554.3604?

Short Summary

1.A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument 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 partys signature, or the addition of words to the instrument indicating discharge; or by agreeing not to sue or otherwise renouncing rights against the party by a signed writing. 2.Cancellation or striking out of an endorsement pursuant to subsection 1 does not affect the status and rights of a party derived from the endorsement. 94 Acts, ch 1167, 76, 121, 122; 2013 Acts, ch 30, 150 Referred to in 554.3605

Jurisdiction

Iowa

Source

• Banking