“ A written account of goods shipped by any person signed by the agent of the owner of the vessel, or by its master, acknowledging receipt of thegoods, and promising to deliver them safe at the port directed, damages of the sea excepted.”
http://en.wikipedia.org/wiki/Bill_of_ladingDescriptionThe Bill of Lading is issued by a carrier, which detailsa shipment of merchandise, gives title, and requires a carrier to deliverthe merchandise to the appropriate party.HistoryThe Bill of Lading evolved with the growth of shipping in the medievalworld. Merchants needed a way of knowing what had been loaded ontoships, and began to issue signed receipts to certify the loading ofgoods, and the condition of those goods at the time of loading. With thegrowth of mercantilism these receipts began to be used as the title to thegoods.
1. It conveys title to the merchandise;2. It is the receipt of acknowledgement of the goods signed by the carrier;3. It serves as a contract of transportation between the shipper and the carrier.
http://en.wikipedia.org/wiki/Bill_of_lading Bill of Lading as Receipt The principal use of the Bill of Lading isas a receipt issued by the carrier once thegoods have been loaded onto the vessel. Thisreceipt is used as proof of shipment forcustoms and insurance purposes, and also ascommercial proof of completing a contractualobligation.
http://en.wikipedia.org/wiki/Bill_of_lading Bill of Lading as Title The Bill of Lading confers title to thegoods to the consignee noted on the Bill ofLading. The Bill of Lading may also bemade out "To Order", which confers title tothe goods to the holder of the Bill of Lading.
http://en.wikipedia.org/wiki/Bill_of_lading Bill of Lading as Negotiable Instrument Because the Bill of Ladingrepresents title to the goods detailedupon it, the BoL can be traded in muchthe same way as the goods may be, andeven borrowed upon if desired.
“A conditional conveyance of property assecurity for the payment of the debt or the performance of some other obligation.” A mortgage loan is a loan secured by real property throughthe use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through thegranting of a mortgage which secures the loan. However, theword mortgage alone, in everyday usage, is most often used to mean mortgage loan. http://en.wikipedia.org/wiki/Mortgage_loan
From the Latin “mortus” meaning dead, and “vas” signifying a pledge. And the Old French mortgage, literally a deathgage orpledge is a conveyance of property as security for a debt, which is lost or becomes dead to the debtor if the money or the interest due thereupon is not paid on a certain day. The word mortgage is a French Law term meaning"death contract", meaning that the pledge ends (dies)when either the obligation is fulfilled or the property is taken through foreclosure. http://en.wikipedia.org/wiki/Mortgage_loan
a. Immovablesb. Alienable real rights in accordance with the laws imposed upon immovables. Nevertheless, movables may be the object of chattel mortgage.
CHATTEL MORTGAGE AND MORTGAGE ON REAL PROPERTYBy Chattel Mortgage: Personal property is recorded in the Chattel MortgageRegister as the security for the performance of an obligation.Example:An automobile which is pledged as a security of a loan obtainedby a mortgagor. If the movable instead of being recorded, isdelivered to the creditor or third person, the contract ispledged and not a chattel mortgage.
By Mortgage on personal or real property It may be on land and building, factories, machinery, and thelike. Torrens title on real estate may bepledged to secure loans. To secure loans bonds and stocks may also be pledged.
Close-end Mortgage and Open-end MortgageClose-end mortgage It is used to refer to mortgage by a corporationused as collateral security for a loan of a fixedamount.Open-end mortgage It permits the sale of additional bonds at alater date under original mortgage.
Devised purposely to eliminate the shortcomings that are present in both the close-endmortgage and open-end mortgage
•(Pledge or pawn) in law, is “bailment ofgoods” by a debtor to his creditor to bekept till the debt is discharged.•Itis also used to denote the propertywhich constitutes the security.•Itis the pignus of Roman Law from whichmost of the modern law on the subject isderived.
“all movables which are withinthe commerce of man may be pledge, provided they are susceptible of possession.”
1. That they be constituted to secure the fulfillment of a principal obligation;2. That the pledgor or mortgagor be the absolute owner of the thing pledged or mortgaged;3. That the persons constituting the pledge or mortgage have the free disposal of their property, and in the absence thereof, that they may be legally authorized for the purpose.
A warehouse receipt is a document that provides proof ofownership of commodities (e.g., bars of copper) that are storedin a warehouse, vault, or depository for safekeeping. Warehouse receipts may be negotiable or non-negotiable.Negotiable warehouse receipts allow transfer of ownership ofthat commodity without having to deliver the physicalcommodity. Most warehouse receipts are issued in negotiableform, making them eligible as collateral for loans. Non-negotiable receipts must be endorsed upon transfer. Warehousereceipts are regulated by the Uniform Warehouse Receipts Act.
Warehouse receipts also guarantee existence andavailability of a commodity of a particular quantity, type, andquality in a named storage facility. It may also show transfer ofownership for immediate delivery or for delivery at a futuredate. Rather than delivering the actual commodity, negotiablewarehouse receipts are used to settle expiring futures contracts. Warehouse receipts may also indicate ownership ofinventory goods and/or unfinished goods stored in a warehouseby a manufacturer or distributor.
A trust receiptneed not be in any form but it must substantiallycontain the following:1. A description of the goods, documents or instrumentssubject of the trust receipt2. The total invoice value of the goods and the amount ofthe draft to be paid by theentrustee
3. An undertaking or a commitment of the entrustee:a. to hold in trust for the entruster the goods, documents orinstruments therein describedb. to dispose of them in the manner provided for in the trust receipt;andc. to turn over the proceeds of the sale of the goods, documents orinstruments to the entruster to the extent of the amount owing to theentruster or as appears in the trust receipt or to return thegoods, documents or instruments in the event of their non-salewithin the period specified therein.
4. The trust receipt may contain other terms and conditions agreedupon by the parties inaddition to those hereinabove enumerated provided that such termsand conditions shallnot be contrary to the provisions of this Decree, any existinglaws, public policy or morals, public order or good customs.5. Trust receipts are denominated in Philippine currency oracceptable and eligible foreigncurrency.