Beruflich Dokumente
Kultur Dokumente
Documents of Title
A. Concept and function
Document of title of goods- includes any bill of lading, dock warrant, quedan, or
warehouse receipt or order for the delivery of goods, or any other documents used
in the ordinary course of business in the sale or transfer of goods, as proof of the
possession or control of the goods, or authorizing or purporting to authorize
the possessor of the document to transfer and receive, either by
endorsement or by delivery, goods represented by such document.
2 Functions
a.) Evidence of the possession or control of the goods described therein;
b.) The medium of transferring title and possession over the goods
described therein, without having to effect actual delivery thereof.
Rationale: Merchants should be allowed to transact with goods and merchandise
without having to physically carry them around, and that buyers should be
assured that they may deal with the evidence thereof as though they could
feel the merchandise themselves.
Common Forms of documents of Title:
(1)Dock Warrant It is an instrument given by dock owners to an importer
of goods warehoused on the dock as a recognition of the importers
title to the said goods, upon production of the bill of lading.
(2)Bill of Lading- A contract and a receipt for the transport of goods and their
delivery to the person named therein, to order, or to bearer. Involves three
persons the carrier, the shipper, and the consignee.
(3)Warehouse Receipt- a contract or receipt for goods deposited with a
waregouseman containing the latters undertaking to hold and deliver the
said goods to a specified person, to order, or to bearer
(4)Quedan is a warehouse receipt usually for sugar received by a
warehouseman
Classes of Documents of Title
1.) Negotiable documents of title(NCC 1508-11)
a. (1508-1509)Negotiation of negotiable document by delivery- if the
goods are deliverable to the bearer, or when it is indorsed in
blank or to the bearer by the person to whose order the goods are
deliverable or by a subsequent indorsee.
b. If the document is specially indorsed, it becomes an order
document of title.
c. A party is liable only as guarantor if his indorsement is for identification
purposes only.
d. (1510) The words not negotiable or non negotiable have no effect
and the document continues to be negotiable.
e. Under the warehouse receipt law, any provision inserted in a
negotiable receipt that it is non-negotiable is declared void.
f.
to the bailee or its negotiation enjoined. The bailee shall in no case be compelled to
deliver up the actual possession of the goods until the document is surrendered to
him or impounded by the court.