of the payee, and his then capacity to indorse; and engages that on due
presentment the instrument will be accepted or paid, or both, according
to its tenor, and that if it be dishonored and the necessary proceedings
on dishonor be duly taken, he will pay the amount thereof to the holder,
or to any subsequent indorser who may be compelled to pay it. But the
drawer may insert in the instrument an express stipulation negativing or
limiting his own liability to the holder."