465. Pledgees and others holding bill of lading as security.

A pledgee or other person holding a bill of lading as security has contractual rights directly against the carrier:


    (1)     where the pledgee or other such person holds an order bill of lading naming him as consignee1;


    (2)     where he holds a bearer bill of lading2; or


    (3)     where he holds an order bill of lading indorsed to him, whether in full or in blank3.

Where the pledgee falls within one of heads (1) to (3) above but is not the party who has actually sustained the loss ensuing from the carrier's breach of contract, the pledgee may recover from