Endorsement of bill of lading.
The consignee as mentioned in the Bill of Lading and the actual receiver of the goods may vary under the conditions in which the Bill of Lading has been or intended to be, negotiated. Thus the goods contained in the Bill of Lading may be consigned to:
(1) A named person or firm.
(2) A named person or firm or to an order or assign.
(3) To Bearer.
The consignee as mentioned in the Bill of Lading and the actual receiver of the goods may vary under the conditions in which the Bill of Lading has been or intended to be, negotiated. Thus the goods contained in the Bill of Lading may be consigned to:
(1) A named person or firm.
(2) A named person or firm or to an order or assign.
(3) To Bearer.
Rights under bills of lading to vest in consignee or endorsee.
Every consignee in a bill of lading, and every endorsee of a bill of lading to whom the property in the goods therein mentioned shall pass, and such consignment or endorsement shall have transferred and vested him all rights of suit.
Nothing shall prejudice or affect any right of stoppage in transit, or any liability of the consignee or endorsee. Bill of lading in hands of consignee is conclusive evidence of the shipment as against master, etc. Every bill of lading in the hands of a consignee or endorsee for valuable consideration, representing goods to have been shipped on board a vessel, shall be conclusive evidence of such shipment as against the master or other person signing the same.
A Bill of Lading has various roles as noted in the discourse above. Its role as evidence of the existence of a contract of carriage ensures that subsequent endorsees of the Bill of Lading, vis-a-vis carriers are bound by provisions of the contract of carriage, and derive rights and liabilities there from, with respect to each other.
The receipt function of a Bill of Lading is important as it provides proof that the carrier received the goods as set out in the Bill of Lading, while its document of title function plays an important role especially with respect to commercial credits and financing.
Whenever anyone is dealing with a Bill of Lading, attention should be drawn to the Governing Rules applicable to it. These are found in the Paramount Clause of the Bill of Lading and often govern various issues including duties and liabilities of parties.
Stages in a Letter of Credit Transaction
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Endorsement of bill of lading
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