List and explain the five different ways to discharge an instrument according to Article 3 of the UCC
• By payment: Payment discharges an instrument, as long as the payment is from someone obliged to pay and goes to the holder.
• By agreement: The parties to the instrument can agree to a discharge, even if the instrument is not paid. The discharge, however, must be in writing; it cannot be oral.
• By cancellation: Cancellation means the intentional, voluntary surrender, destruction, or disfigurement of an instrument.
• By certification: When a bank certifies or accepts a check, the drawer and all indorsers of the check are discharged, and only the bank is liable.
• By alteration: An instrument is discharged if its terms are intentionally changed.
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