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Can you summarize MNST 336.3-604?
UNIFORM COMMERCIAL CODE > DISCHARGE BY CANCELLATION OR RENUNCIATION.
Short Summary
This legal provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, pertains to the discharge of obligations related to the payment of an instrument. It states that a person entitled to enforce an instrument can discharge the obligation of a party to pay the instrument through intentional voluntary acts such as surrendering, destroying, mutilating, or canceling the instrument, striking out the party’s signature, or adding words indicating discharge. Alternatively, discharge can be achieved by agreeing not to sue or renouncing rights against the party through a signed record. The cancellation or striking out of an endorsement does not affect the status and rights of a party derived from the endorsement. The section also clarifies that the term ‘signed’ includes electronic symbols, sounds, or processes attached to or logically associated with a record. This provision was repealed in 1992 and replaced with a subsequent version.
Whom does it apply to?
Persons entitled to enforce an instrument
What does it govern?
Discharge of obligations in relation to payment of an instrument
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota