468. Transfer of bill of lading operating as transfer of goods.

A transfer of a bill of lading may be intended to operate as a transfer of the goods specified in it1, in which case the property which passes to the transferee is that which the parties intended to pass2. Whether the transfer is intended to pass the whole or only a qualified property is a question of fact depending on the circumstances of each particular case3.

The issue or transfer to the buyer of a bill of lading operates prima facie as a delivery to the buyer of the goods shipped4, but the whole property in the goods does not