document of title

Document of Title

Any written instrument, such as a bill of lading, a warehouse receipt, or an order for the delivery of goods, that in the usual course of business or financing is considered sufficient proof that the person who possesses it is entitled to receive, hold, and dispose of the instrument and the goods that it covers.

A document of title is usually either issued or addressed by a bailee—an individual who has custody of the goods of another—to a bailor—the person who has entrusted the goods to him or her. Its terms must describe the goods covered by it so that they are identifiable as well as set forth the conditions of the contractual agreement. Possession of a document of title is symbolic of ownership of the goods that are described within it.

Documents of title are an integral part of the business world since they facilitate commercial transactions by serving as security for loans sought by their possessors and by promoting the free flow of goods without unduly burdening the channels of commerce.

A person who possesses a document of title can legally transfer ownership of the goods covered by it by delivering or endorsing it over to another without physically moving the goods. In such a situation, a document of title is a negotiable instrument because it transfers legal rights of ownership from one person to another merely by its delivery or endorsement. It is negotiable only if its terms state that the goods are to be delivered to the bearer, the holder of the document, to the order of the named party, or, where recognized in overseas trade, to a named person or his or her assigns. The Uniform Commercial Code and various federal and state regulatory laws define the legal rights and obligations of the parties to a document of title.

document of title

any bill of lading, dock warrant, warehouse keeper's certificate, warrant or order for the delivery of goods, or any other document used in the ordinary course of business as proof of the possession or control of goods or authorizing or purporting to authorize either by endorsement or delivery the possession of the document to transfer or receive goods thereby represented.
References in periodicals archive ?
In addition, the bill of lading is a document of title giving the consignee or the endorsee of the bill the right to sell the goods while they are in transit.
The company should check the validity of the document of title of property.
In this case of title transfer at physical delivery, the time and place of the transfer of an actual document of title is preempted by physical delivery of the identified goods.
remember that the person recorded on the registration document or certificate may not be the legal owner; it is not a document of title
A seller loses its right to stop delivery of goods in transit where the buyer received the goods; the bailee, other than a carrier, acknowledges to the buyer that it is holding the goods for the buyer; the carrier transporting the goods acknowledges to the buyer that the carrier is holding the goods for the buyer by either reshipping them according to the buyer's instructions or holding them at the buyer's warehouse; or a negotiable document of title for the goods has been issued or negotiated to the buyer, or a non-negotiable document has been issued to someone other than the seller.
The federal statute mentions only electronic records that relate to a loan secured by real property, but the state statute is broader and also extends to all documents that would be, if on paper, either a promissory note under UCC Article 3 or a document of title under UCC Article 7.
Also removes obsolete references to the More at Four program in the General Statutes; House Bill 1145- Directs the Board of Dental Examiners on enforcing rules; House Bill 283- Enhances criminal penalties for people who trespass on real property by reentering after removal pursuant to a valid order or by knowingly creating or presenting a false document of title or possession; House Bill 971- Clarifies the law governing the central motor fleet; House Bill 292- Requires a license to operate a "beach bingo" game.
However, HVR applies only to contracts of carriage covered by a bill of lading or any similar document of title, in so far as such document relates to the carriage of goods by sea, including any bill of lading or any similar document as aforesaid issued under or pursuant to a charter party from the moment at which such bill of lading or similar document of title regulates the relations between a carrier and a holder of the same.
In this case, the time and place of the transfer of an actual document of title is preempted by physical delivery of the identified goods.
A seller loses its right to stop delivery of goods in transit when the buyer received the goods; a bailee, other than a carrier, acknowledges to the buyer that it is holding the goods for the buyer; a carrier transporting the goods acknowledges to the buyer that the carrier is holding the goods for the buyer by either reshipping them according to the buyer's instructions or holding them as the buyer's warehouse; or a negotiable document of title for the goods has been issued or negotiated to the buyer, or a nonnegotiable document has been issued to someone other than the seller.

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