Bill of lading (B/L) plays an important role in Transportation of sale of goods by sea and international trade. The three important roles of B/L are receipt, prove of contract and document of title to goods. As is well known , the key role is document of title to goods. The one who holds B/L legally enjoys legal real right. It is proved by the practice of international trade. As a kind of obligatory right bond, like other bonds, B/L can be used to guarantee obligatory right.As the most important way of international payment, letter of credit (L/C) provides the seller and buyer with bank credit as guaranty, and promotes the development of international trade. Well, in L/C working procedures, the issuing bank, advising bank and negotiating bank all need a kind of guaranty to safeguard their own interests and B/L pledge plays an important role in financing guaranty. To a certain extent, L/C system works through B/L pledge. B/L pledge take effect mainly in outward documentary bill and inward documentary bill. It strengthens issuing bank security of credit grant and protects interests of the banks and circulation of L/C.On the economic contents, through legal analysis, this article will study the legal question of B/L pledge under documentary credit procedure overally by comprehensive analytic way of derivation ,generalization and positive.The purpose is to give advice to practice of the bank and business through theoritical analysis.
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