Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IDischarge of bill60. Discharge by waiver |
| (1) | Subject to the provisions of subsection (4), if the holder of a bill at or after its maturity absolutely and unconditionally renounces his rights against the acceptor in the manner contemplated in subsection (2), the bill is discharged. |
| (2) | The renunciation of rights contemplated in subsection (1) must be in writing on the bill, unless the bill is delivered up to the acceptor. |
| (3) | Subject to the provisions of subsection (4), the liabilities of any party to a bill may in the manner contemplated in subsections (1) and (2) be waived by the holder before, at, or after its maturity. |
| (4) | Nothing in this section contained shall affect the rights of a holder in due course who had no notice of the renunciation or waiver. |