Discharge and effect of discharge

4-3-601. Discharge and effect of discharge. (a) The obligation of a party to pay the instrument is discharged as stated in this article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (b) 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. Source: L. 94: Entire article R&RE, p. 876, � 1, effective January 1, 1995. Editor's note: This section is similar to former �� 4-3-601 and 4-3-602 as they existed prior to 1994.