Extinction by destruction or cancellation of contract or signatures by consent

The destruction or cancellation of a written contract or of the signatures of the parties liable thereon with intent to extinguish the obligation thereof, extinguishes it as to all the parties consenting to the act. Source: CivC 1877, § 970; CL 1887, § 3594; RCivC 1903, § 1288; RC 1919, § 909; SDC 1939, § 10.0807.