This chapter does not take away or lessen the effect of any payment made by any person. However, no endorsement or memorandum of any payment made:

1. (1) upon any instrument of writing; and

2. (2) by or on behalf of the party to whom the payment is purported to be made;

   is considered sufficient to exempt the case from this chapter.

   [Pre-1998 Recodification Citation: 34-1-2-12.]

As added by P.L.1-1998, SEC.6.