469. Transfer of bill of lading by way of mortgage or pledge.

Where the transfer of a bill of lading is intended to pass only a qualified property in the goods specified in the bill, it may operate either by way of mortgage or by way of pledge1. In practice, however, a pledge is nearly always intended where the bill of lading is indorsed and transferred as security for an advance2. The pledgor is not divested of all his interest in the goods