Is u-states liable for delivery of goods without surrender

Assignment Help Management Theories

Reference no: EM131471730

Question: U-States Forwarding Services Corp., issued bills of lading for goods from Shineworld Industrial Limited of Hong Kong. The goods were consigned "To order" without listing a name or person, but were to be shipped to Jacobs & Turner, Ltd. in Scotland who had agreed to pay $200,000 for them. Shineworld assigned the bills of lading to BII Finance Company Ltd. as collateral for a loan. While the shipment was in transit, BII sent the bills of lading to Jacobs' bank for payment.

The bank found discrepancies in the documents and would not pay until Jacobs agreed. However, at Shineworld's direction, U-States released the goods to Jacobs without surrender of the bills of lading. U-States did not know Shineworld had assigned the bills of lading to BII. Shineworld had no assets, but BII recovered 65 percent from Jacobs. BII then sued U-States for the remainder. Is U-States liable for delivery of the goods without surrender of the bill of lading?

Reference no: EM131471730

Questions Cloud

Calculate scott tentative tax base for federal estate tax : Calculate Scott's tentative tax base for federal estate tax purposes, and explain each step in your calculations

What is the retail method of accounting : What is the retail method of accounting? Why is the retail method of accounting commonly used for apparel and other fashion/seasonal goods?

Human resources evaluate its staffing function : How often should human resources evaluate its staffing function? Defend the interval you chose and discuss.

The nature of the controversy about stop and frisk : Type ‘stop and frisk" into an Internet search engine and read a few articles and reports about stop and frisk practices in various cities .

Is u-states liable for delivery of goods without surrender : U-States Forwarding Services Corp., issued bills of lading for goods from Shineworld Industrial Limited of Hong Kong. The goods were consigned "To order".

Discuss historical development of communication technologies : Discuss the historical development of communication technologies and explain any pros and/or cons of these technological advances.

Describe relative importance of marginal benefits and costs : Describe the relative importance of marginal benefits and costs. What do you conclude about the implications for the role of government?

Five steps in constructing a pay structure : Create a PowerPoint Presentation identifying the five steps in constructing a pay structure. Then, under each step, illustrate how each step.

What career advice would when demand is not constant : What career advice would When demand is not constant

User Account

All Pages