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 course— |
| (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 drawer's order, the then capacity of the drawer to indorse, but not the genuineness or the validity of his indorsement; |
| (iii) | 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 the validity of his indorsement. |
