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)].
Virginia Request for Delivery of Goods in Absence of Bill of Lading; Offer of Bond
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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
An original bill of lading (OBL) is a shipping document or a contract of carriage which serves as the title of the cargo and a shipment receipt. This document confirms the carrier's receipt of the cargo.
?Consigned to order of? Bills of Lading A consignee can endorse a Bill of Lading on the back (where the terms are) by writing the name of the party that they are releasing to and then signing, stamping, and dating the name. This transfers the title of the goods to the new party.
Order bill of lading ? used when the goods are being shipped before they're paid for. It is expressed as ?to order of? on the bill of lading often followed by the recipient's name. An order bill is considered a ?negotiable instrument,? which means that it acts as a substitute for money or as a promise to pay.
Straight vs. to order bill of lading The difference between a straight bill of lading and a to order bill of lading is the payment status of the goods being shipped. A straight bill of lading is issued when the goods have been paid for in advance by the consignee to the shipper.
In a situation when the importer does not pay for goods in advance, a seller usually issues a 'to order' Bill of Lading. It is an instrument with which the carrier takes responsibility for the goods during transit and the importer is assured of delivery even if he has not paid in advance.
