59Liability of acceptor

#### 59 Liability of acceptor The acceptor of a bill, by accepting it: (a) engages that he or she will pay it according to the tenor of his or her acceptance; and (b) is precluded from denying to a holder in due course: (i) the existence of the drawer, the genuineness of his or her signature, and his or her capacity and authority to draw the bill; and (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 or her indorsement; and (iii) in the case of a bill payable to the order of a third person, the existence of the payee and his or her then capacity to indorse, but not the genuineness or validity of his or her indorsement.