54. Liability of acceptor

The acceptor of a bill, by accepting it —

engages that he will pay it according to the tenor of his acceptance;

is precluded from denying to a holder in due course —

the existence of the drawer, the genuineness of his signature, and his 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 his indorsement;

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.