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Can you summarize NVRS 104.3604?
Uniform Commercial CodeOriginal Articles > Discharge by cancellation or renunciation.
Short Summary
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the discharge of obligations in commercial instruments. 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 surrender, destruction, mutilation, cancellation, or striking out of the party’s signature. Additionally, the obligation can be discharged 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 provision also clarifies that the term ‘signed’ includes electronic symbols, sounds, or processes attached to or logically associated with a record. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Persons entitled to enforce an instrument
What does it govern?
Discharge by cancellation or renunciation
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada