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'''Comment'''
This case provides a helpful clarification of the relationship between bills of lading incorporating arbitration clauses and sections 2 and 3 of COGSA. It also demonstrates how parties financing transactions, and holding bills of lading merely as security, can still be bound by the arbitration clauses contained in the underlying contracts of carriage.
Fn.1 Section 2 of COGSA provides:
2. – Rights under shipping documents
shall (by virtue of becoming the holder of the bill...) have transferred to and vested in him all rights of suit under the contract of carriage as if he had been a party to that contract...
Fn.2 Section 3 of COGSA provides:
3. – Liabilities under shipping documents.
