Silo receipts used in the futures market and bills of lading as documents of title (part 1)

In a previous article it was contended that the bill of lading and a Safex silo receipt can be regarded as Wertpapiere, although neither document is a negotiable instrument. After a discussion of the bill of lading as evidence of the contract of carriage and as a receipt, and a brief analysis of whether the silo receipt exhibits similar characteristics, the bill of lading and silo receipt as documents of title will be examined.