Tenn. Code Ann. § 47-3-604

Discharge by cancellation or renunciation

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) 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.

(2) Cancellation or striking out of an endorsement pursuant to subsection (a) does not affect the status and rights of a party derived from the endorsement.

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.