Banque de Depots, a Swiss bank, brought an action against Bozel, a Brazilian exporter, seeking a money judgment because Bozel had allegedly misapplied the bank's funds. The bank obtained an order seizing 1,300 metric tons of calcium silicon located in a Louisiana port. The calcium silicon was shipped under ocean bills of lading by Bozel from Rio de Janeiro to New Orleans for transit to three purchasers, none of whom were domiciled in Louisiana. The documents were still in the hands of the collecting banks and had not yet been negotiated to the buyers. Bozel asked the court to free the goods because he was not the owner of the bills of lading.
1. Why did the court not permit Banque de Depots to seize the cargo Bozel shipped?
2. What are the policy reasons for not allowing a creditor, such as Banque de Depots, to seize cargo that is being shipped to a buyer under a bill of lading?
3. What are the expectations of a good faith purchaser of a bill of lading?