ORS 73.0604
Discharge by cancellation or renunciation

(1)

A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument:

(a)

By an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party’s signature, or the addition of words to the instrument indicating discharge; or

(b)

By agreeing not to sue or otherwise renouncing rights against the party by a signed writing.

(2)

Cancellation or striking out of an indorsement pursuant to subsection (1) of this section does not affect the status and rights of a party derived from the indorsement. [1993 c.545 §70]

Source: Section 73.0604 — Discharge by cancellation or renunciation, https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html (accessed May 26, 2025).

Notes of Decisions

Renunciation of debt must be accomplished through affirmative act that objectively manifests donor’s intent. Bessett v. Huson, 179 Or App 69, 39 P3d 220 (2002)

73.0101
Short title 73.0102
Application of chapter 73.0103
Definitions 73.0104
Negotiable instrument 73.0105
Issue of instrument 73.0106
Unconditional promise or order 73.0107
Instrument payable in foreign money 73.0108
Payable on demand or at definite time 73.0109
Payable to bearer or to order 73.0110
Identification of person to whom instrument is payable 73.0111
Place of payment 73.0112
Interest 73.0113
Date of instrument 73.0114
Contradictory terms of instrument 73.0115
Incomplete instrument 73.0116
Joint and several liability 73.0117
Other agreements affecting instrument 73.0118
Statute of limitations 73.0119
Notice of right to defend action 73.0201
Negotiation 73.0202
Negotiation subject to rescission 73.0203
Transfer of instrument 73.0204
Indorsement 73.0205
Special indorsement 73.0206
Restrictive indorsement 73.0207
Reacquisition 73.0301
Person entitled to enforce instrument 73.0302
Holder in due course 73.0303
Value and consideration 73.0304
Overdue instrument 73.0305
Defenses and claims in recoupment 73.0306
Claims to an instrument 73.0307
Notice of breach of fiduciary duty 73.0308
Proof of signatures and status as holder in due course 73.0309
Enforcement of lost, destroyed or stolen instrument 73.0310
Effect of instrument on obligation for which taken 73.0311
Accord and satisfaction 73.0312
Lost, destroyed or stolen cashier’s check, teller’s check or certified check 73.0401
Signature 73.0402
Signature by representative 73.0403
Unauthorized signature 73.0404
Impostors 73.0405
Employer’s responsibility for fraudulent indorsement by employee 73.0406
Negligence contributing to forged signature or alteration of instrument 73.0407
Alteration 73.0408
Drawee not liable on unaccepted draft 73.0409
Acceptance of draft 73.0410
Acceptance varying draft 73.0411
Refusal to pay cashier’s checks, teller’s checks and certified checks 73.0412
Obligation of issuer of note or cashier’s check 73.0413
Obligation of acceptor 73.0414
Obligation of drawer 73.0415
Obligation of indorser 73.0416
Transfer warranties 73.0417
Presentment warranties 73.0418
Payment or acceptance by mistake 73.0419
Instruments signed for accommodation 73.0420
Conversion of instrument 73.0501
Presentment 73.0502
Dishonor 73.0503
Notice of dishonor 73.0504
Excused presentment and notice of dishonor 73.0505
Evidence of dishonor 73.0601
Discharge and effect of discharge 73.0602
Payment 73.0603
Tender of payment 73.0604
Discharge by cancellation or renunciation 73.0605
Discharge of indorsers and accommodation parties

Current through early 2026

§ 73.0604. Discharge by cancellation or renunciation's source at oregon​.gov