The party who draws, accepts or executes a negotiable instrument shall be released from his liability in the following cases:- (a) If a holder deletes his name with the intention of exonerating the accepting or executing party from liability, the party whose name has been deleted shall not be entitled to or from the holder. From the liability to the receiving or drawing party, (b) If any holder sends a notice of acceptance or discharge or the drawing party is released from liability, all parties to the acceptance, filing party from the liability to the holder who sent such notice or the parties receiving rights from him, (c) To those who receive In the case of a negotiable instrument that has been issued for payment or a general exchange, the party drawing, accepting or issuing such an instrument shall be exempt from liability to all parties related to such exchangeable instrument, if the amount to be paid is duly paid.