ORS 73.0604¹
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]

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)

1 Legislative Counsel Committee, CHAPTER 73—Negotiable Instruments, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors73.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 73, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­073ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information