No maker of a promissory note and no acceptor of a bill of exchange1[payable to ord er] sh all, in a suit thereon by a holder in due course, be permitted to deny the payee's capacity, at the rate of the note or bill, to indorse the same.
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1. Substituted by Act 8 of 1919, sec. 5, for "payable to, or to the order of, a specified person".