A bailment is created when personal property is delivered (without title) under an agreement that the property be returned to the bailor or otherwise disposed of according to its owner???s directions. Bailments involving tangible items (jewelry, cattle, automobiles, etc.) are more frequent than bailments of intangible personal property (promissory notes, shares of stock, etc.).
A bill of lading is a special kind of bailment. Any commercial transaction may involve a shipment or storage of goods covered by a bill of lading, a warehouse receipt, or a delivery order. These documents of title are subject to Article 7 of the UCC. To be a document of title, a document ???must purport to be issued by or addressed to a bailee and purport to cover goods in the bailee???s possession which are either identified or are fungible portions of an identified mass??? [UCC 7???102(1)(e)].
Bill Of Lading With Telex Release
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How to fill out Request For Delivery Of Goods In Absence Of Bill Of Lading; Offer Of Bond?
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FAQ
Telegraphic Transfer Ideally, a telex release is quick and convenient, but issues with paperwork can cause delays and may increase costs. It is not a replacement for a bill of lading. Instead, a telex release is a convenient option for shippers who do not need original documents for their accounting or legal records.
A telex release allows the carrier's agent to release the cargo at one port even though the shipper surrendered the original bill of lading at a different port. Some carriers require payment of all fees before the telex release is transmitted to the receiving agent.
A Telex Release is simply an electronic message used to release cargo once the Original Bill of Lading documents have been surrendered at origin. Telex Releases are specifically used when a physical set of Original Bill of Lading documents is printed and issued by the carrier.
4. Who pays for telex release? In most cases, the shipper is responsible for paying the telex fees.
A telex release is in essence an electronic message transmitted from an agent or shipping line at the port of loading (POL) to the agent at the port of discharge (POD). This message signifies that the shipper has surrendered the original Bill of Lading (OBL).
What To Include In a Bill of LadingThe number of units to be shipped.The precise weight of the shipment (multiple freight units call for each item's weight to be listed).Shipper and receiver names and addresses.The date of shipment.The carrier's unique instructions.More items...?
