Friends,
have you ever encountered bill of lading with a stamp showing "Bank's release required". any idea how to treat them?
Bill of lading shows "Bank's Release Required"
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shahriar
- Posts: 923
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- First Name: Shahriar
- Last Name: Masum
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picant
- Posts: 2026
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Bank's Release Required
Hi Shahriar,
I found something concerning the issue in "The Merchants guide - 2003 Edition" by P&O Nedlloyd, now merged in Maersk, referring to Seawaybill indicated as " Bankers lien":
-Delivery of the goods represented by this waybill can only be effected against written authority from ...... Bank who has a lien on these Goods".
Due that the Consignee is the buyer, this clause will avoid the latter to take delivery of the goods, if not authorized, but, in the meantime, to hamper the bank to hold the goods,( bank is named "dog in the manger").
Other comments appreciated
Ciao
I found something concerning the issue in "The Merchants guide - 2003 Edition" by P&O Nedlloyd, now merged in Maersk, referring to Seawaybill indicated as " Bankers lien":
-Delivery of the goods represented by this waybill can only be effected against written authority from ...... Bank who has a lien on these Goods".
Due that the Consignee is the buyer, this clause will avoid the latter to take delivery of the goods, if not authorized, but, in the meantime, to hamper the bank to hold the goods,( bank is named "dog in the manger").
Other comments appreciated
Ciao
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shahriar
- Posts: 923
- Joined: Fri May 16, 2008 1:03 am
- First Name: Shahriar
- Last Name: Masum
- Organization: Mutual Trust Bank
- Filter: Two Plus Two =: 4
- Location: Bangladesh
which bank
dear picant,
thanks for your answer. the first time i saw this clause, the question i asked which bank they are talking about? the good guess is that the bank named as the consignee. but that just a guess.
from the reference you gave, i felt that such clause is for seaway bill. but im finding them on negotiable bill of lading. do you think that ISBP para 90 has anything to do with it?
thanks for your answer. the first time i saw this clause, the question i asked which bank they are talking about? the good guess is that the bank named as the consignee. but that just a guess.
from the reference you gave, i felt that such clause is for seaway bill. but im finding them on negotiable bill of lading. do you think that ISBP para 90 has anything to do with it?