Liability of acceptor

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 (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 the drawer’s order, the then capacity of the drawer to indorse, but not the genuineness or validity of his (iii) in the case of a bill payable to order of a third person, the existence of a payee and his then capacity to indorse, but not the genuineness or validity of his endorsement.