Bills of lading tend to be highly prized in a security package. As a title document, they give the holder a right to demand possession of the goods from the carrier, failing which it can claim against the carrier for misdelivery. Trade financiers often bank on the BLs as critical security and have historically succeeded in obtaining summary judgment (judgment without trial) against shipowners for misdelivery.
But it may not always be smooth sailing when seeking to enforce misdelivery claims – how BLs are contemplated in the loan structure, the practice of discharging cargo without BLs and the blending of cargo, can all have an impact on the value of the BL. We consider recent developments from UK and Singapore cases in this webinar, that we are co-hosting with HFW to discuss practical points for shippers, traders, and financiers to look out for when entering into arrangements to discharge cargo without the presentation of BLs.