Pennsylvania Consolidated Statutes (Last Updated: January 27, 2015) |
Title13 COMMERCIAL CODE |
DIVISION3. NEGOTIABLE INSTRUMENTS |
CHAPTER36. DISCHARGE AND PAYMENT |
§3601. Discharge and effect of discharge.
Latest version.
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(a) Discharge.--The obligation of a party to pay the instrument is discharged as stated in this division or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.
(b) Effect of discharge.--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.