Section 55Part 2 — Bills of Exchange
Liability of drawer or indorser
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The drawer of a bill by drawing it —
engages that on due presentment it shall be accepted and paid according to its tenor, and that if it be dishonoured the drawer will compensate the holder, or any indorser who is compelled to pay it, if the requisite proceedings on dishonour are duly taken; and
is precluded from denying to a holder in due course the existence of a payee, and the payee’s then capacity to indorse.
The indorser of a bill by indorsing it —