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BILLS OF EXCHANGE ACT 1882 - SECT 54

Liability of acceptor.

54. The acceptor of a bill, by accepting it

(1)Engages that he will pay it according to the tenor of his acceptance:

(2)Is precluded from denying to a holder in due course:

(a)The existence of the drawer, the genuineness of his signature, and his
capacity and authority to draw the bill;

(b)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;

(c)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.

© 1882 Crown Copyright

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