What is the effect of delivering a bill of lading?

Delivering a bill of lading primarily serves to establish ownership of the cargo. When a bill of lading is issued, it acts as a receipt acknowledging that the carrier has received the cargo, and it signifies the transfer of title of the goods to the holder of the bill. This means whoever possesses the bill has a claim to the cargo, which underscores the bill's role as a document of title.

The other options do not adequately capture the primary effect of delivering a bill of lading. While it may imply certain terms about previous receipts, it does not cancel earlier receipts in a manner that is legally conclusive. The bill of lading indeed serves as a contract, but it is more accurate to say it encapsulates the contractual obligations between the shipper and carrier, not specifically between the captain and consignee. In fronting liability concerns, while the bill may allude to responsibilities, it primarily delineates ownership and rights concerning the cargo rather than transferring liability in an explicit manner.

This understanding is vital in maritime commerce, as it illustrates the importance of the bill of lading in establishing legal rights and responsibilities related to cargo transport.