Section 75-3-601 - Discharge and effect of discharge(a) The obligation of a party to pay the instrument is discharged as stated in this chapter 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.Former § 75-3-601: Codes, 1942, § 41A:3-601; Laws, 1966, ch. 316, § 3-601; Laws, 1992, ch. 420, § 64, eff. 1/1/1993.