1. Rights under bills of lading to vest in consignee or endorsee.—Every consignee of
goods named in a bill of lading, and every endorsee of a bill of lading to whom the property in the goods
therein mentioned shall pass, upon or by reason of such consignment or endorsement shall have
transferred to and vested in him all rights of suit, and be subject to the same liabilities in respect of such
goods as if the contract contained in the bill of lading had been made with himself.
2. Not to affect right of stoppage in transit or claims for freight.—Nothing herein
contained shall prejudice or affect any right of stoppage in transit,2
or any right to claim freight against
the original shipper or owner, or any liability of the consignee or endorsee by reason or in consequence of
his being such consignee or endorsee, or of his receipt of the goods by reason or in consequence of such
consignment or endorsement.
3. Bill of lading in hands of consignee, etc., conclusive evidence of the shipment as
against master, etc.—Every bill of lading in the hands of a consignee or endorsee for valuable
consideration, representing goods to have been shipped on board a vessel, shall be conclusive evidence of
such shipment as, against the master or other person signing the same, notwithstanding that such goods or
some part thereof may not have been so shipped, unless such holder of the bill of lading shall have had
actual notice at the time of receiving the same that the goods had not in fact been laden on board:
Provided that the master or other person so signing may exonerate himself in respect of such
misrepresentation, by showing that it was caused without any default on his part, and wholly by the fraud
of the shipper, or of the holder, or some person under whom the holder claims.