DISCHARGE OF A NEGOTIABLE INSTRUMENT
*A negotiable instrument is discharged if the party primarily liable on the negotiable instrument makes the payment in due course.
*When the payment is made, the negotiable instrument must be cancelled or the fact of payment must be recorded negotiable instrument.
Where the holder cancels the name of the party primarily liable on the negotiable instrument, with intent to discharge him, the negotiable instrument is discharged.
Where the holder releases or renounces his right against the party primarily liable on the negotiable instrument, the negotiable instrument is discharge.
Where a party primarily liable on a negotiable instrument becomes the holders of the negotiable instrument, the negotiable is discharged.
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