<P> Simply, the bill of lading confers prima facie title over the goods to the named consignee or lawful holder . Under the "nemo dat quod non habet" rule ("no one gives what he doesn't have"), a seller cannot pass better title than he himself has; so if the goods are subject to an encumbrance (such as a mortgage, charge or hypothec), or even stolen, the bill of lading will not grant full title to the holder . </P> <P> Bills of lading may take various forms, such as on - board and received - for - shipment . </P> <Ul> <Li> An on - board bill of lading denotes that merchandise has been physically loaded onto a shipping vessel, such as a freighter or cargo plane . </Li> <Li> A received - for - shipment bill of lading denotes that merchandise has been received, but is not guaranteed to have already been loaded onto a shipping vessel. (Typically, it will be issued by a freight - forwarder at a port or depot). Such bills can be converted upon being loaded . </Li> </Ul> <Li> An on - board bill of lading denotes that merchandise has been physically loaded onto a shipping vessel, such as a freighter or cargo plane . </Li>

Where is the bill of lading normally found
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