78When cheque discharged

78 When cheque discharged

(1) A cheque is discharged if: (a) the cheque is paid in due course by the drawee institution; (b) subject to section 80, the holder, at any time, absolutely and unconditionally renounces the holder’s rights against the drawer or all persons liable on the cheque; or (c) subject to subsection 81(1), the holder intentionally cancels the cheque or the drawer’s signature and the cancellation is apparent from the cheque. (2) A cheque is also discharged if the cheque is fraudulently and materially altered by the holder. (3) Nothing in this section affects the discharge of a cheque otherwise than in accordance with this section.