Bills of Lading and Bankers Documentary Credits
7
THE DOCUMENTS AS SECURITY II: PROPERTY
THE DOCUMENTS AS SECURITY II: PROPERTY
7.1
Another nineteenth-century development was the idea that the person holding the bill of lading was entitled to constructive possession of the goods. The bill of lading, as a document of title, has been described as the “symbol of the goods”, or the “key to the warehouse”.1 Bowen L.J. famously observed in Sanders v. Maclean that2: