CHINA CONSTRUCTION BANK CORPORATION GUANGZHOU LIWAN SUB-BRANCH v GUANGDONG LANYUE ENERGY DEVELOPMENT CO LTD AND OTHERS
[2017] 1 CMCLR 41
SUPREME PEOPLE'S COURT OF CHINA(CIVIL JUDGMENT)
Before Presiding Judge Liu,Judge Liu,Judge Gao,Assistant Judge Ma,Assistant Judge Qiu,Court Clerk Jiang
Letter of credit dispute - Bank provided finance to Chinese buyer for issuing letter of credit - Buyer issued trust receipt to bank - Buyer failed to pay to bank - Cargo under the letter of credit attached by third party - Buyer insolvent â Bank applied to court for recognition of âÂÂownership right over cargo - Legal nature of bill of lading - Whether holding bill of lading by bank equal to holding ownership right of cargo â Legal nature of trust receipt - Whether trust receipt can create ownership right of bank over cargo â Doctrine of numerus clausus in Chinese property law - Pledge of bill of lading rights - Bank's priority right over sales proceeds from sale of the goods under letter of credit.