Endorse B/L To Order Of Bank For Document Under Collection

[Chamnan]

Dear all
The below paragraph is correct or not? If it correct could you explain me for this?
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Upon receipt of the document under the collection, we must ensure that the bill of lading are endorsed to the order of the Bank. If they are endorsed in blank, place the bank name stamp above the endorsements at the back of the bill of lading. Thus preventing the bill of lading to be used by unauthorized personnel.
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Waiting for the reply.
Best Regards

[picant]

Hi Pal,

I dont think that such process is mandatory, some banks put a stamp on the documents received as they ackwnoledge receipt and remain liable in case of lost or theft, but endorsement when the bill of lading has been received "free" it seem to me excessive.
Other comments appreciated
Ciao

[mandeep]

hello,

generally bill of lading is issued to the order of LC issuing bank. this means first ownership is under LC issuing bank, without further endorsement of LC issuing bank to the applicant or agent of applicant (requested by applicant) goods cannot be released from customs office. until and unless bill of lading is not issued "to the order of......." it is not negotiable.

there may be blank under "to the order of ...." . in this case, bill of lading need to be endorsed in the name of LC issuing bank. this means ownership of goods is transferred to the LC issuing bank.

thanks