The Vermont Statutes Online
Uniform Commercial Code
3-604. 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 (i) 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
(ii) by agreeing not to sue or otherwise renouncing rights against the party by
a signed writing.
or striking out of an indorsement pursuant to subsection (a) does not affect
the status and rights of a party derived from the indorsement. (Added 1993, No.
158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)