- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 3. Negotiable Instruments
- Section 604. Discharge By Cancellation or Renunciation.
previous: Section 603
. Tender of Payment.
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. Discharge of Endorsers and Accommodation Parties.
AS 45.03.604. 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
- (1) 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
- (2) by agreeing not to sue or otherwise renouncing rights against the party by a signed writing.
- (b) Cancellation or striking out of an endorsement under (a) of this section does not affect the status and rights of a
party derived from the endorsement.
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