400.3-601. Discharge and effect of discharge. — (a) 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.
(b) 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.
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(L. 1963 p. 503 § 3-601, A.L. 1992 S.B. 448)