Mate's Receipt

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Posted in DC-Pro on Aug 1, 2002
QUOTE
Does a mate's receipt issued in negotiable form and endorsed in the name of the L/C issuing bank, provide sufficient protection to and control by that bank over the goods, if the relating charter party contract stipulated that this bank has the full and exclusive right to deviate the vessel and discharge the goods for its full deposal at any port of its choice?
UNQUOTE
Sir or Madam,
Your query quoted above touches on too many uncertainties to enable a straightforward answer here. Points to be clarified are:
TOO BIG A JOB FOR ...
1 Is a mate receipt a negotiable instrument like a draft or a bill of lading? Has the issuer, the first mate, due authorization from the shipowners or the master mariner to make the mate’s receipt a negotiable instrument? The answer should be ...
2 There is no Article in the UCP 500 to rule ... What is the data content required under UCP 500? ...
3 "Deviation" is a word carrying ...
4 To allow alternative ports of discharge, which is not deviation, the charter party must be ...
5 The bank should not ...
6 Even if these issues are clarified, we still need ...
7 Our advice to bankers is: ...
[edited Aug 2, 2002]

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