Which one among the following is not a privilege or right of a holder-in-due course under Negotiable Instruments Act? 

1
Estoppel against denying signature or capacity of prior party 
2
Estoppel against denying orginal validity of the instrument 
3
Estoppel against denying capacity of the payee to endorse 
4
Estoppel against denying the genuineness or validity of payee's endorsement 

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