Section 355.3-604 - [Effective 1/1/2025] Discharge by cancellation or renunciation(1)(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; or2. By agreeing not to sue or otherwise renouncing rights against the party by a signed record.(b) The obligation of a party to pay the instrument is not discharged solely by the destruction of a check in connection with a process in which information is extracted from the check and an image of the check is made and, subsequently, the information and image are transmitted for payment. (2) Cancellation or striking out of an indorsement pursuant to subsection (1) of this section does not affect the status and rights of a party derived from the indorsement. Amended by 2024 Ky. Acts ch. TBD,§ 24, eff. 1/1/2025.Effective:7/12/2006
Amended 2006, Ky. Acts ch. 242, sec. 43, effective7/12/2006. -- Repealed and reenacted 1996, Ky. Acts ch. 130, sec. 67, effective 1/1/1997. -- Created 1958 Ky. Acts ch. 77, sec. 3-604, effective 7/1/1960.This section is set out more than once due to postponed, multiple, or conflicting amendments.