Report No. 11
107. Estoppel against denying signature or capacity of prior party.-
No indorser of an instrument shall, in a suit thereon by a subsequent holder, be permitted-
(a) to deny the signature or capacity to contract of any prior party to the instrument;
(b) to deny that the instrument was at the time of his indorsement a valid and subsisting instrument and that he had then a good title thereto.1
1. See section 55(2)(c), BEA.