Section 3--605. Cancellation and Renunciation  


Latest version.
  • (1)  The  holder  of  an  instrument  may  even  without consideration
      discharge any party
             (a) in any manner apparent on the face of the instrument  or  the
                 indorsement, as by intentionally cancelling the instrument or
                 the  party's  signature  by  destruction or mutilation, or by
                 striking out the party's signature; or
             (b) by renouncing his rights by a writing signed and delivered or
                 by surrender of the instrument to the party to be discharged.
        (2) Neither cancellation nor renunciation  without  surrender  of  the
      instrument affects the title thereto.