PARRIS N. GLENDENING, Governor                               Ch. 91

(C) IF TENDER OF PAYMENT OF AN AMOUNT DUE ON AN INSTRUMENT IS
MADE TO A PERSON ENTITLED TO ENFORCE THE INSTRUMENT, THE OBLIGATION OF
THE OBLIGOR TO PAY INTEREST AFTER THE DUE DATE ON THE AMOUNT
TENDERED IS DISCHARGED. IF PRESENTMENT IS REQUIRED WITH RESPECT TO AN
INSTRUMENT AND THE OBLIGOR IS ABLE AND READY TO PAY ON THE DUE DATE AT
EVERY PLACE OF PAYMENT STATED IN THE INSTRUMENT, THE OBLIGOR IS DEEMED
TO HAVE MADE TENDER OF PAYMENT ON THE DUE DATE TO THE PERSON
ENTITLED TO ENFORCE THE INSTRUMENT.

3-604.

(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 WRITING.

(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.

3-605.

(A)    IN THIS SECTION, THE TERM "INDORSER" INCLUDES A DRAWER HAVING
THE OBLIGATION DESCRIBED IN § 3-414(D).

(B)     DISCHARGE, UNDER § 3-604, OF THE OBLIGATION OF A PARTY TO PAY AN
INSTRUMENT DOES NOT DISCHARGE THE OBLIGATION OF AN INDORSER OR
ACCOMMODATION PARTY HAVING A RIGHT OF RECOURSE AGAINST THE
DISCHARGED PARTY.

(C)     IF A PERSON ENTITLED TO ENFORCE AN INSTRUMENT AGREES, WITH OR
WITHOUT CONSIDERATION, TO AN EXTENSION OF THE DUE DATE OF THE
OBLIGATION OF A PARTY TO PAY THE INSTRUMENT, THE EXTENSION DISCHARGES
AN INDORSER OR ACCOMMODATION PARTY HAVING A RIGHT OF RECOURSE
AGAINST THE PARTY WHOSE OBLIGATION IS EXTENDED TO THE EXTENT THE
INDORSER OR ACCOMMODATION PARTY PROVES THAT THE EXTENSION CAUSED
LOSS TO THE INDORSER OR ACCOMMODATION PARTY WITH RESPECT TO THE RIGHT
OF RECOURSE

(D)    IF A PERSON ENTITLED TO ENFORCE AN INSTRUMENT AGREES, WITH OR
WITHOUT CONSIDERATION, TO A MATERIAL MODIFICATION OF THE OBLIGATION
OF A PARTY OTHER THAN AN EXTENSION OF THE DUE DATE, THE MODIFICATION
DISCHARGES THE OBLIGATION OF AN INDORSER OR ACCOMMODATION PARTY
HAVING A RIGHT OF RECOURSE AGAINST THE PERSON WHOSE OBLIGATION IS
MODIFIED TO THE EXTENT THE MODIFICATION CAUSES LOSS TO THE INDORSER OR
ACCOMMODATION PARTY WITH RESPECT TO THE RIGHT OF RECOURSE THE LOSS
SUFFERED BY THE INDORSER OR ACCOMMODATION PARTY AS A RESULT OF THE

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