474. Delivery in exchange for payment.

Where the seller of goods1 draws on the buyer2 for the price, and transmits the bill of exchange and the bill of lading3 to the buyer together to secure acceptance or payment of the bill of exchange, the buyer is bound to return the bill of lading if he does not honour the bill of exchange; and, if he wrongfully retains the bill of lading, the property4 in the goods does not pass to him5.

The indorsement and delivery of the bill of lading to the buyer being regarded as conditional only6 on acceptance of the bill of exchange7, he