“…n contains, the contract of carriage, the contract usually being concluded prior to issue between the shipper and the carrier (see e.g. Sewell v Burdick (1884) 10 App Cas 74, 105, Leduc v Ward (1888) 20 QBD 475, 479-480). Hence s. 5 of COGSA defines the contract of carriage in relation to a bill of lading as being the contract “con…”
“…Moreover it would operate anomalously vis a vis an indorsement to a pledgee. One of the purposes of COGSA was to reverse the effect of Sewell v Burdick (1884) 10 App Cas 74 under the 1855 Act, so as to enable a party with a security interest to be able to enforce that interest as holder of the bill: see the Law Commission Report a…”