Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party toan instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, ifthe instrument isissued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement isa defense to the obligation.
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