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Liability of acceptor.
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54. The acceptor of a bill, by accepting it—
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(1.) Engages that he will pay it according to the tenor of his acceptance:
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(2.) Is precluded from denying to a holder in due course:
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(a.) The existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the bill;
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(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;
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(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.
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