Endorse or Authorize? Understanding What Happens When a “To Order” B/L Is Endorsed Straight In practice, many Bills of Lading start out negotiable — issued “to order” — but later become straight when a bank or shipper endorses them to a named consignee. This often raises an important question: Can the named consignee endorse the bill onward to a new buyer, or must they authorize that new buyer directly? Let’s look at a real-life … Read More
WHETHER THE ISSUING BANK MUST ENDORSE THE BILL OF LADING WHEN RETURNING THE DISCREPANT DOCUMENTS TO THE PRESENTER? QUESTION Dear Mr. Old Man, I’ve been scouring the internet trying to find the right answer, when I found you blog and believe you may be able to help. We had shipped some Chrome Ore to China under Sight LC. Due to circumstances beyond our control, we could not submit documents within the presentation period. Though buyer was fully aware … Read More
WHO IS ELIGIBLE TO ENDORSE THE INSURANCE POLICY? QUESTION Hi, Mr. Old Man! I have a question to discuss. I found an insurance policy that indicates the assured to be ABC CO. LTD. on behalf of XYZ CO. LTD How to endorse the insurance policy? Thanks for your attention. Kevin —— ANSWER Hi In my humble opinion: ABC Co., Ltd is eligible to endorse the insurance policy as … Read More