The bill of lading is a symbol of the goods specified in it1. Its possession is equivalent to the possession of the goods themselves2, and its transfer, being a symbolical delivery of the goods3, has by commercial usage4 the same effect as an actual delivery in the same circumstances5.
On a transfer, therefore, of a bill of lading by way of sale6, mortgage or pledge7, the property in the goods passes either absolutely or otherwise, according to the intention of the parties, to the transferee, provided that the transferor was able to dispose of them8; and the right of the
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