Bank endorsed indemnity
Pacific Carriers Limited v BNP Paribas [2004] HCA 35 (5 August 2004)
A cargo of chickpeas and dun peas arrived at Calcutta, India from Australia and the original Bills of Lading were not available. The sale contract for the legumes was between New England Agricultural Traders Pty Ltd (NEAT) to an Indian grain trader, Royal Trading Company (Royal). BNP Paribas (BNP), was NEAT’s Sydney banker and financier for the export transaction. Swiss Singapore Overseas Enterprises Pty Ltd in Singapore (SSOE) was Royal’s financier and Pacific Carriers Limited (PCL) was the time charterer of the vessel on which the cargo was carried, the 'Nelson'.
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