(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.