(810 ILCS 5/3-601)
(from Ch. 26, par. 3-601)
Discharge and effect of discharge.
(a) The obligation of a party to pay the instrument is discharged as
stated in this Article 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.
(Source: P.A. 87-582.)