will pay it according to the tenor of his acceptance; and admits: (1)
The existence of the drawer, the genuineness of his signature, and his
capacity and authority to draw the instrument; and, (2) The existence of
the payee and his then capacity to indorse."
INDORSERS' LIABILITY.--We have not yet considered the question of the
liability of persons who transfer negotiable documents. Indorsements may
be made, as we have said, in two ways: either by indorsing the document,
or if it is payable to bearer, by delivering it without indorsement. The
liability of these two parties is stated in the Negotiable Instruments
Act in Sections 65 and 66 in the following language: