S.C. Code Ann. § 36-3-601 – Discharge of parties

(1) The extent of the discharge of any party from liability on an instrument is governed by the sections on
1. (a) payment or satisfaction (Section 36-3-603); or
2. (b) tender of payment (Section 36-3-604); or
3. (c) cancellation or renunciation (Section 36-3-605); or
4. (d) impairment of right of recourse or of collateral (Section 36-3-606); or
5. (e) reacquisition of the instrument by a prior party (Section 36-3-208); or
6. (f) fraudulent and material alteration (Section 36-3-407); or
7. (g) certification of a check (Section 36-3-411); or
8. (h) acceptance varying a draft (Section 36-3-412); or
9. (i) unexcused delay in presentment or notice of dishonor or protest (Section 36-3-502).
(2) Any party is also discharged from his liability on an instrument to another party by any other act or agreement with such party which would discharge his simple contract for the payment of money.
(3) The liability of all parties is discharged when any party who has himself no right of action or recourse on the instrument
1. (a) reacquires the instrument in his own right; or
2. (b) is discharged under any provision of this chapter, except as otherwise provided with respect to discharge for impairment of recourse or of collateral (Section 36-3-606).