Class 891 DOCUMENTS OF TITLE.docx

Class 891 DOCUMENTS OF TITLE.docx

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Class891DOCUMENTSOFTITLE

DOCUMENTSOFTITLEINCARRIAGEOFGOODSBYSEA:

PRESENTSTATUSANDPOSSIBLE

FUTUREDIRECTIONS

CaslavPejovic.

Copyright（c）2001SweetandMaxwellLimitedandContributors

Subject:

SHIPPING

Keywords:

Billsoflading;Carriagebysea;Documentsoftitle

Abstract:

Notionofdocumentoftitle,billofladingasnegotiableortransferabledocumentoftitle,effectoftransferofbillofladingandothertransportdocumentswhichcouldpossiblyberecognisedasdocumentsoftitle.

*461Introduction

Carriageofgoodsbyseaiscarriedoutonthebasisofacontractofcarriagebetweenthecarrierandtheconsignor.Thiscontractusuallyfollowsthecontractofsaleandservestoenabledeliveryofthegoodsbetweensellerandbuyer.Acontractofcarriageisnotnecessarilyconcludedinwriting,butnormallyrequiresevidence.Inpractice,acontractofcarriageisusuallyevidencedbyatransportdocumentissuedafterthegoodshavebeendeliveredbytheconsignortothecarrier.

Transportdocumentscontainparticularsaboutthepartiestothecontractofcarriage,thegoods,andthetermsandconditionsofcarriage.Theymayserveasevidencenotonlyofthecontractofcarriage,butalsoofthereceiptofgoods.However,theroleoftransportdocumentscanbemorecomplexthansimplyactingasevidence.Sometransportdocumentshavethefunctionofdocumentsoftitle,whichmeansthattheyareabletorepresentthegoodsandentitletheirholderstodemanddeliveryfromthecarrier.Thisfunctionoftransportdocumentsplaysanimportantroleinoverseassales,enablingthesellertosellthegoodsintransitwhilethephysicaldeliveryisnotyetpossible.Thedocumentoftitleensuresthebuyerthatthegoodswillbedeliveredtohimoncetheshiparrivesattheportofdestination.Ontheotherhand,thedocumentoftitleenablesthesellertoretaincontroloverthegoodsuntilthebuyerpaystheprice,sincethepaymentisusuallyeffected"againstdocuments".Underlettersofcreditthebanksalsoaccepttopaythepricetothesellerasbeneficiaryinexchangeforadocumentoftitlewhichservesasasecurityfordebt.

Documentsoftitleareoneofthemostsophisticatedlegalinventions.Thelawhasdefinedtheircharacteristicsandfunctions,andhencewhichdocumentscanqualifyasdocumentsoftitle.Inprinciple,adocumentcanberecognisedasdocumentoftitleonlybystatuteorbygeneralcustom.Presently,underEnglish*462law,amongtransportdocumentsonlybillsofladingarerecognisedasdocumentsoftitle.

Billsofladingareancientmercantiledocumentsandarewellestablishedasdocumentsoftitlebothbythestatuteandbythecustomofmerchants,whileothertransportdocumentsareofmoderninventionandnocustomofmerchantsrelatingtothemhasbeenestablished.Thetradershavesoughttosecurethecreationofmoredocumentsoftitle,whichshallhavethesameattributesunderlawasthosepossessedbythebilloflading.Ontheotherhand,sincetheuseofdocumentsoftitleinvolvesvariousrisksoffraud,thelegislatorsarereluctanttoallowmoredocumentsoftitle.

Thepurposeofthispaperistoexaminefirstthenotionofadocumentoftitle;secondly,therightswhicharetransferredbythetransferofthebilloflading,astheonlytransportdocumentwithundisputedstatusasdocumentoftitle;andthirdly,toinvestigatetheprospectthat,inadditiontobillsoflading,othertransportdocumentscanberecognisedasdocumentsoftitle.

TheNotionofaDocumentofTitle

Thephrase"documentoftitle"isacommontermusedtodenotedocumentsissuedbyacarrierorbyawarehousemanactingasabailee.[FN1]Thedocumentoftitleisawrittendescription,identificationordeclarationofgoodsissuedbyoraddressedtoabaileewhichevidencesthatthepersoninpossessionofitisentitledtoreceive,holdanddisposeofthedocumentandthegoodsitcovers.Themainpurposeofdocumentsoftitleistofacilitatetransferofrightsingoodswhiletheyareinthecustodyofacarrierorwarehouseman.Afterreceivingthegoodsinhischarge,thecarrierorwarehousemanactingasabaileemustissueadocumentwhichservesasareceiptforthegoodsandenablesthepersonwhoproducesthedocumenttoreceivethegoods.Thedocumentoftitleistransferable,whichenablesthegoodstobedisposedofwhilestillinthebailee'scustody.Thebaileeisobligedtodeliverthegoodstothelawfulholderofthedocument,whetherhebetheoriginalholderoratransfereeofthedocument.Afterdeliveryismade,thedocumentceasestobeadocumentoftitleanditcanonlyserveasevidenceincaseofdisputebetweenthebaileeandthebailor.Byreturningofdocumentintothehandsofthebaileewhohasissuedit,thecircleisclosedandthedocumenthascompleteditsrole.

Amongdifferentnationallawstherearedifferencesasregardsthefeaturesofdocumentsoftitleanddocumentswhicharerecognisedasdocumentsoftitle.UnderEnglishlaw,theshippedbillofladinghasbeenrecognisedastheonlydocumentwhichalwayshasthestatusofadocumentoftitleinseacarriage.Other*463documentscanbecomedocumentsoftitleonproofofcustomofmerchantswhichmustestablishthatthedocumentisbeingusedasadocumentoftitle.[FN2]Thismeansthatthedocument,whichisactuallyusedintrade,mustbenegotiableanditmustenableitslawfulholdertoobtainphysicaldeliveryofthegoodsbyproducingthedocument,aswellastodisposeofthegoodsbytransferringthedocument.

Incivillawtoo,therearedocumentscorrespondingtodocumentsoftitle."Wertpapiere"inGermanlaw,"titres"inFrenchlaw,"titolidicredito"inItalianlaw,"yukashoken"inJapaneselaw,etc.canbedefinedas"documentsofvalue"whichembodycertainrights（suchastherighttoobtaindeliveryofthegoodsspecifiedinthedocument,ortherightonpaymentofacertainsumofmoney）.[FN3]Theyconferupontheholdertherighttotransfertheserightstothirdpartiesbytransferringthedocuments.

BillofLadingasaNegotiableorTransferableDocumentofTitle

Thebillofladingisatypicaldocumentoftitle.Thankstoitscharacterasadocumentoftitle,thebillofladingisinvestedwithparticularattributesofgreatpracticalimportancecommercially.Thisenablesittobecomeoneofthekeyinstrumentsininternationaltrade.

Thebillofladingisoftenreferredtoasanegotiabledocumentoftitle,andthereissomeconfusionastowhetherthebillofladingisreallyanegotiableorismerelyatransferabledocument.ThisisespeciallythecaseinEnglishlaw.AccordingtoEnglishlaw,billsofladingarenotconsideredtobenegotiabledocumentsintheirfulllegalsense,eventhoughtheypossesssomeofthelegalcharacteristicsofnegotiabledocuments,suchastransferabilitybyendorsement.[FN4]Infact,whatismeantisthattheyaretransferable.Thebillofladingdoesnothavetheessentialcharacteristicofanegotiabledocument:

thetransfereeofthebillcannotacquireabettertitlethanthatofapredecessor.Ifabillofladingisstolenorendorsedwithouttheshipper'sauthority,asubsequentbonafidetransfereecannotacquiretherightstothegoodsrepresentedbythebill.Therulethatabonafideholderofalostorstolenbillofexchangeendorsedinblankorpayabletobearerisnotboundtolookbeyondtheinstrument,hasnoapplicationtothecaseofalostorstolenbilloflading.Afinderorthiefcangivenotitletobillsofladingeveninthecaseofabillendorsedinblank.

Englishlawisbasedontheconceptthatthebillofladingrepresentsthegoodsandthereforeitstransfershouldnothavegreatereffectthanthetransferofwhat*464itrepresents.Sincethegoodsthemselvesarenotnegotiable,thereisnoreasonwhythebillofladingshouldbe.Possessionofabillofladingcannothaveagreaterforcethantheactualpossessionofthegoods.[FN5]Ifabuyerhasacquiredthebillofladingwithouthavingpaidtheprice,andhasendorsedthebillofladingtoathirdparty,suchthirdparty,evenifithasacquiredthebillofladingactingingoodfaithforvalue,cannotacquireavalidtitletothegoods.

ItisobviousthatinEnglishlawthereissomeconfusionintheuseoftheterms"transferable"and"negotiable".[FN6]Thedistinctionbetweentransferableandnegotiabledocumentsisthatadocumentistransferablewhenitcanbetransferredbyonepersontoanother,passingtothetransfereetherightsoftheoriginalholderbutnomore,whileanegotiabledocumentcangivetothetransfereerightsthatarebetterorgreaterthantherightofthetransferor,providedthatconsiderationisgivenforthetransfer.Therefore,onlynegotiabledocumentsareanexceptiontotherulethatnobodycantransfertoanotherpersonmorerightsthanhehas（"nemoplusiurisadaliumtransferrepotestquamipsehabet"）.

Thebillofladingthereforelacksthemostimportantandcharacteristicelementofnegotiability:

itmaynotgivetoatransfereeabettertitlethanthatpossessedbythetransferor.Thequestionwhichlogicallyarisesiswhetherthismeansthatthebillofladingisnotanegotiabledocument.Thisisimpossibletoanswerwithoutanexplanationofthecharacterandfunctionsofthebilloflading.

Thetransfereeforvalue,whotakesanegotiableinstrumentingoodfaithandwithoutnoticeofanydefectinthetitleofhistransferor,acquiresanindefeasiblerighttothepropertyintheinstrumentandtothebenefitsrepresentedthereby.Heacquiresnotmerelypossessionbutproperty.[FN7]However,thebillofladingisnotanegotiabledocumentoftitleinthesensethatitisabletocarrytitlewithit.Unlikeabillofexchangeorpromissorynote,thebil