Discharge and effect of discharge
Known as the Uniform Commercial Code
The act spans §§ 47–47 (578 sections).
Applied in 1 court decision — leading case Cumberland Bank v. G & S IMPLEMENT CO. (2006)
Most recently applied in Cumberland Bank v. G & S IMPLEMENT CO. (August 2006)
Acts 1995, ch. 397, § 2.
(1) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.
(2) 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.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.