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The different ways in which one or more parties to a negotiable instrument are
discharged are:-
6. renunciation of holder:
• holder may expressly renounce his rights vs. any party to the instrument,
before or after its maturity
• absolute and unconditional renunciation of his rights vs. principal debtor
made at or after maturity discharges the instrument
• renunciation does not affect rights of HDC w/o notice.
• Renunciation must be in writing unless instrument delivered up to person
primarily liable thereon
7. material alteration
(sec. 124: material alteration w/o assent of all parties liable avoids instrument except as
against party to alteration and subsequent indorsers)
4. release of principal debtor, unless holder’s right of recourse vs. 2ndary party
reserved