Section 107. When discharge to be granted; effect thereof

Upon the
  production by the petitioner, of the  certificates  of  the  trustee  or
  trustees,  and  the  county  clerk,  to the effect prescribed in section
  seventy-nine of this chapter, the court must grant to the  petitioner  a
  discharge,  declaring that the petitioner is forever thereafter exempted
  from arrest or imprisonment, by reason of any debt due at  the  time  of
  making  the  assignment,  or contracted before that time, though payable
  afterwards; or by reason of any liability incurred by him, by making  or
  indorsing  a  promissory  note, or by accepting, drawing, or indorsing a
  bill of  exchange,  before  the  execution  of  the  assignment;  or  in
  consequence  of the payment, by any party to such a note or bill, of the
  whole or any part of the money secured thereby, whether the  payment  is
  made  before  or  after  the  execution  of  the  assignment,  with  the
  exceptions specified in section one hundred  and  thirty-eight  of  this
  chapter.  The  discharge  shall  have  the  effect  therein declared, as
  prescribed in this section.