355.3-601 Discharge and effect of dishonor. (1) The obligation of a party to pay the instrument is discharged as stated in this article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (2) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge. Effective: January 1, 1997 History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 64, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 3-601, effective July 1, 1960.
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