Transferability of bill of lading as security
This article focuses on an important theoretical and practical issue, namely the transferability of bills of lading. More specifically, it addresses the legal consequences that result from the transfer of bills of lading as documents used in the practice of maritime trade. This rule, which has been shaped by customs in the maritime trade, links the law that requires releasing cargo carried on a vessel with the possession of a bill of lading. Over time, the bill of lading has become a document that is related closely to the cargo described in it. The document became a means for identifying the party entitled to it. The transfer of the document results in the transfer of the rights incorporated in it. Based on jurisdiction and British doctrine, the authoress analyses the controversial issue of the legal consequences of transferring bills of lading. She emphasizes the tendency to diverge from former concepts, according to which the transfer of bills of lading permitted not only possession but also ownership of the cargo, in favor of new concepts, according to which the transfer of bills of lading only results in the transfer of the possession of the cargo. The article also discusses the features of bills of lading as documents of title and the principles of transferring various types of bills of lading, including in the various definitions of the terms 'negotiable' and 'transferable'.
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