s.54Liability of acceptor
54
Section 54Part 2Bills of Exchange

Liability of acceptor

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

The acceptor of a bill, by accepting it —
engages that the acceptor will pay it accordingly to the tenor of the acceptor’s acceptance; and
is precluded from denying to a holder in due course —
the existence of the drawer, the genuineness of the drawer’s signature and the drawer’s capacity and authority to draw the bill;
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 the drawer’s endorsement; or
in the case of a bill payable to the order of a third person, the existence of the payee and the payee’s then capacity to indorse, but not the genuineness or validity of the payee’s endorsement.