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Carriers have defence on bank claims where no bill of lading involved

Carriers have range of potential defences where banks take legal action on the grounds of financial interest in cargoes without a negotiable bill of lading, webinar hears

‘If the buyer is borrowing funds from the issuing bank, then when the bills of lading pass through the banking chain, the issuing bank will not only hold them physically, but the bank will also have transferred to it a financial interest in the cargo and will have a right of suit,’ says Nicola Cox of West

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