(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. (5A Del. C. 1953, § 3-601; 55 Del. Laws, c. 349; 70 Del. Laws, c. 86, § 3.)
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