Section 84-3-601 - Discharge and effect of discharge(a) 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.(b) 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.L. 1991, ch. 296, § 63; 2/1/1992.