§12A-3-604.

§12A-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.
   
   (b) Cancellation or striking out of an indorsement pursuant to
   subsection (a) of this section does not affect the status and rights
   of a party derived from the indorsement.