The bill of exchange may be discharged under the following circumstances:

i. Payment of the bill in due course.
ii. An acceptor of the bill becoming the holder in his own right.
iii. Waiver or renunciation by the holder of the bill.
iv. Intentional cancellation of the drawer’s signature on the bill.
v. Material alteration or mutilation of the bill.
vi. Acceptance of a bill previously dishonoured.