121. Estoppel against denying capacity of payee to indorse. —No maker of a promissory note and no acceptor of a bill of exchange 2[payable to order] shall, i n a suit thereon by a holder in due course, be permitted to deny the payee's capacity, at the date of the note or bill, to indorse the same.
Section 121 NI Act — Estoppel against denying capacity of payee to indorse
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