No maker of a promissory note and no acceptor of a bill of exchange 1[payable to order] shall, in a suit thereon by a holder in due course, be permitted to deny the payee's capacity, at the date of the note or bill, to indorse the same.
Footnotes in the official text
- 1.Subs. by Act 8 of 1919, s. 5, for “payable to, or to the order- of, a specified person”.