Bills of Exchange Ordinance

The acceptor of a bill, by accepting
it—
(a)
engages that he will pay it according to the tenor of his acceptance;
(b)
is precluded from denying to a holder in due
course—
(i)
the existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the bill;
(ii)
in the case of a bill payable to drawer’s order, the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement;
(iii)
in the case of a bill payable to the order of a third person, the existence of the payee and his then capacity to indorse, but not the genuineness or validity of his indorsement.
[cf. 1882 c. 61 s. 54 U.K.]