Sec. 62. Liability of acceptor. - Act 2031

The acceptor, by accepting the instrument, engages that he will pay it according to the tenor of his acceptance and admits:

(a) The existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the instrument; and 
(b) The existence of the payee and his then capacity to indorse. (Negotiable Instruments Law; Act 2031)

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