Flashcards in Title: Definitions, Forms, Negotiation, & Rights Deck (7)
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1
Document of Title
Definition: any document, in regular course of business, proves that a person has title to and is entitled to goods
2
Document of Title
Types
Bill of Lading
Warehouse reciept
3
Document of Title
Parties
Issuer
Delivery Order
Consignor
Consignee
4
Document of Title
Creation
- must have words of negotiability
- if not, parties have only contractual rights
- Warehouse receipt: need location, date of issuance, order or bearer, rates, description, any liens, signature of warehousman, and statement warehouseman is owner
- BOL: writing and adequately describe goods
5
Document of Title
Duty of Care
Common carriers have absolute or strict liability unless:
- Act of God
- Act of public enemy
- Act of public authority
- Act of shipper (bad packing)
- Nature of goods
6
Document of Title
Transfer
- must have title
7
