Section-2(4) Lays down rules regarding Documents to Title To Goods. Any document used in ordinary cause of business, as proof of the possession or control of goods, or authorizing or purporting to authorize, either by endorsement or by delivery, the possessor of document to transfer or receive goods thereby represented is a document of title of goods. It is a proof of ownership of goods and authorizes its holder to receive goods or further transfer such right to another person by proper endorsement of delivery.
Documents of title to goods are unconditional under taking on the part of issuing authority to deliver goods. Although these documents can be transferred by mere delivery or by endorsement, yet it is regarded as ‘quasi negotiable instrument’, because the title of transferee ( even if bona-fide will not be superior to that of the transferor in the case of transfer of such documents.
Examples of the Documents of Title to Goods
Bill of lading
Dock-warrant
Warehouse keeper’s certificate,
Wharfinger’s certificate
Railway receipt
Delivery order – etc.
Stages in a Letter of Credit Transaction
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Documents to Title To Goods
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