Trust Certificate issued by Bank authorising the pledgor of goods under Bills of Lading to take delivery of the goods pledged or deal with the same, as trustee for the Bank with the undertaking to pay off the debts
To
(insert name of )Customer
Dear Sir,
We hand you herewith the under-mentioned bills of lading covering the undermentioned goods (now in pledge to us as security for advances) on the following terms and conditions:
- You undertake to hold the bills of lading and the said goods when received (and the proceeds thereof when sold) as trustees for ______ Bank.
- As you require the said bills of lading in order to obtain delivery of those goods you undertake to warehouse the goods in the name of _____ Bank and to hand us the warrants forthwith; also to insure the goods against fire to their full insurance value and to hold the policies on your behalf and in case of loss to pay the insurance money to us in the same manner as proceeds of sale.
[Or, as you require the said goods in order to deliver the goods to the buyers you undertake to pay us the proceeds of sale without deduction of any expenses and immediately upon the receipt whereof or of each portion thereof as the case may be within _____ days from the date hereof and to give us on request full authority to receive from any person or persons the purchase money of the goods or any of them and in the meantime to hold the goods in trust for us.]
- You undertake also to keep this transaction separate from all other transactions.
- We authorise you to take delivery of the goods on our behalf and to act as trustees in the custody and realisation of the same and we request you to pay the proceeds of alI saes to us immediately and specifically as received by you and to act on the above terms.
Yours faithfully,
