Explanations on the Typification and Right Attribute of Commercial Securities

Different from bills, the nature of securities rights of bill of lading and warehouse receipts has always perplexed the academia. The reason is the lack of basic researches on the negotiable securities theories, which make scholars confined to specific legal departments and cannot see the complete picture. This paper analyzes bills of lading and warehouse receipts on the base of the theories of negotiable securities and bills, and clarifies their attribute of commercial securities. While affirming the attribute of debt securities, this paper advocates to admit the property rights of bills of lading and warehouse receipts through analyzing the theoretical disputes between their property rights and creditor’s rights. Combined with the issue that delivery of securities has the same potency with delivery of goods, this paper argues the nature of property debt securities of bills of lading and warehouse receipts in a developmental way.