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<h1>Forged indorsement: acceptor remains liable if he knew or had reason to believe forgery when accepting the bill.</h1> An acceptor of a bill of exchange already bearing a forged indorsement is not excused from liability if, at the time of acceptance, he knew or had reason to believe the indorsement was forged, such that the acceptor's knowledge or reasonable belief at acceptance determines liability despite the forged indorsement.