ocean bill of lading

The ocean bill of lading is undergoing a radical transformation.

The banking law perspective, although narrower in scope, is likely to reveal what lies ahead for the ocean bill of lading.

From a strictly legal standpoint there are serious doubts as to whether the private key is the equivalent of the paper ocean bill of lading.

These forwarders' receipts lack essential elements of ocean bills of lading.

This minimizes fraudulent issuances and transfers, which have become increasingly common to the negotiable ocean bill of lading.

Having identified such certainty and fairness features, it should be easier to determine which contemporary variant will reinvigorate or replace the ocean bill of lading.

Unless sent by an air courier, an ocean bill of lading can take as long as a week to arrive by air mail.

Unlike the ocean Bill of Lading, the air waybill isn't, when in your possession, a document of title to the goods.

The ocean bill of lading, if negotiated, may represent (the value of) the goods and must be endorsed by the party ultimately accepting the goods.

In United States maritime trade, both incoming and outgoing, freight forwarders' receipts have become as common as the traditional ocean bill of lading.

Second, the CKR threatens the issuing bank's perfected security interest in the ocean bill of lading and in the goods themselves.

The 19th century English ocean bill of lading was considerably less abstract and incorporated or merged fewer possessory rights than did its 20th century American counterpart.

In this sense, the Hague Rules" incomplete'list of ocean bill of lading requirements has withstood inconsistencies with municipal law.

One of the key features of contemporary ocean shipment is that many of the vessels travel faster than the airmailed ocean bill of lading.

A modicum of ocean bill of lading honesty and fairness was attained through late nineteenth and early twentieth century statutory, decisional, and treaty law.

The availability of the combined transport operator's comprehensive insurance is clearly better than a suit against an uninsured, insolvent issuer of a traditional ocean bill of lading.

Undeniably, the holder of an FBL lacks the substantive and procedural rights he enjoys as a holder of the traditional ocean bill of lading.

Professor Tetley attributes one of the oldest waybills in circulation, the 'straight' ocean bill of lading, to the United States Pomerene Act.

Bankers regarded the ocean bill of lading as sound collateral, and as a secondary source of repayment of the account parties' reimbursement obligations to the issuing bank.

Prominent American bankers recently informed me that half of their commercial letters of credit provided for payment not against ocean bills of lading, but against freight forwarders' cargo receipts.

Bankers' willingness to purchase ocean bills of lading and to rely on them as collateral provided much of the impetus for universalizing bill of lading practices until the 1960's.

Up until the 1960's, most commercial letters of credit, reflecting documentary sales terms, called for payment against presentation of negotiable ocean bills of lading indorsed to the issuing or confirming bank.

The obvious question prompted by these practices is whether we are witnessing the demise of the traditional ocean bill of lading or the repackaging of its main, features in technologically suitable garb.

Interestingly, the receipt and notice features were not derived from the ocean bill of lading, but from 19th century European land transport documents, and especially from railroad bills and consignment notes.

The ocean bill of lading's demise or metamorphosis can be evaluated from a strictly maritime law perspective (an evaluation that this writer is not equipped to make), or from a banking law perspective.