No acceptor of a bill of exchange shall be permitted to deny that the drawer had authority to draw the bill or to endorse it, nor shall any bailee or licensee be permitted to deny that his or her bailor or licensor had, at the time when the bailment or licence commenced, authority to make the bailment or grant the licence.

Explanation 1."The acceptor of a bill of exchange may deny that the bill was really drawn by the person by whom it purports to have been drawn.

Explanation 2."If a bailee delivers the goods bailed to a person other than the bailor, he or she may prove that that person had a right to them as against the bailor.