(a) 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 record.
(b) Cancellation or striking out of an indorsement pursuant to Subsection (a) does not affect the status and rights of a party derived from the indorsement.
(c) In this section, "signed," with respect to a record that is not a writing, includes the attachment to or logical association with the record of an electronic symbol, sound, or process with the present intent to adopt or accept the record.
HISTORY: 1962 Code Section 10.3-604; 1966 (54) 2716; 2008 Act No. 204, Section 2, eff July 1, 2008.
Structure South Carolina Code of Laws
Chapter 3 - Commercial Code - Negotiable Instruments
Section 36-3-101. Short title.
Section 36-3-102. Subject matter.
Section 36-3-103. Definitions.
Section 36-3-104. Negotiable instrument.
Section 36-3-105. Issue of instrument.
Section 36-3-106. Unconditional promise or order.
Section 36-3-107. Instrument payable in foreign money.
Section 36-3-108. Payable on demand or at definite time.
Section 36-3-109. Payable to bearer or order.
Section 36-3-110. Identification of person to whom instrument is payable.
Section 36-3-111. Place of payment.
Section 36-3-113. Date of instrument.
Section 36-3-114. Contradictory terms of instrument.
Section 36-3-115. Incomplete instrument.
Section 36-3-116. Joint and several liability; contribution.
Section 36-3-117. Other agreements affecting instrument.
Section 36-3-118. Statute of limitations.
Section 36-3-119. Notice of right to defend action.
Section 36-3-120 to 36-3-122. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008.
Section 36-3-201. Negotiation.
Section 36-3-202. Negotiation subject to rescission.
Section 36-3-203. Transfer of instrument; rights acquired by transfer.
Section 36-3-204. Indorsement.
Section 36-3-205. Special indorsement; blank indorsement; anomalous indorsement.
Section 36-3-206. Restrictive endorsements.
Section 36-3-207. Reacquisition.
Section 36-3-208. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008.
Section 36-3-301. Person entitled to enforce instrument.
Section 36-3-302. Holder in due course.
Section 36-3-303. Value and consideration.
Section 36-3-304. Overdue instrument.
Section 36-3-305. Defenses and claims in recoupment.
Section 36-3-306. Claims to instrument.
Section 36-3-307. Notice of breach of fiduciary duty.
Section 36-3-308. Proof of signatures and status as holder in due course.
Section 36-3-309. Enforcement of lost, destroyed, or stolen instrument.
Section 36-3-310. Effect on obligation when instrument taken.
Section 36-3-311. Accord and satisfaction by use of instrument.
Section 36-3-312. Lost, destroyed, or stolen cashier's check, teller's check, or certified check.
Section 36-3-402. Signature by representative.
Section 36-3-403. Unauthorized signature.
Section 36-3-404. Imposters; fictitious payees.
Section 36-3-405. Employer's responsibility for fraudulent indorsement by employee.
Section 36-3-406. Negligence contributing to forged signature or alteration of instrument.
Section 36-3-408. Drawee not liable on unaccepted draft.
Section 36-3-409. Acceptance of draft; certified check.
Section 36-3-410. Acceptance varying draft.
Section 36-3-411. Refusal to pay cashier's check, teller's check, and certified check.
Section 36-3-412. Obligation of issuer of note or cashier's check.
Section 36-3-413. Obligation of acceptor.
Section 36-3-414. Obligation of drawer.
Section 36-3-415. Obligation of indorser.
Section 36-3-416. Transfer warranties.
Section 36-3-417. Presentment warranties.
Section 36-3-418. Payment for acceptance by mistake.
Section 36-3-419. Instrument signed for accommodation.
Section 36-3-420. Conversion of instrument.
Section 36-3-501. Presentment.
Section 36-3-503. Notice of dishonor.
Section 36-3-504. Excused presentment and notice of dishonor.
Section 36-3-505. Evidence of dishonor.
Section 36-3-506 to 36-3-511. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008.
Section 36-3-601. Discharge and effect of discharge.
Section 36-3-603. Tender of payment.
Section 36-3-604. Discharge by cancellation or renunciation.
Section 36-3-605. Discharge of secondary obligors.
Section 36-3-606. Omitted by 2008 Act 204, Section 2, eff July 1, 2008.
Section 36-3-701. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008.
Section 36-3-801 to 36-3-805. Omitted by 2008 Act No. 204, Section 2, eff July 1, 2008.