The claims by virtue of a contract for the carriage of goods by sea as confirmed in a bill of lading may be asserted only by the person entitled by virtue of the bill of lading. The operative assumption is that the rightful holder of a bill of lading is also the person entitled by virtue of the bill of lading. A party is deemed the rightful holder of a bill of lading if the bill of lading in question meets any one of the following criteria:
1. it is made out to “To Bearer”;
2. it is made out “To Order” and identifies the holder as the consignee, either directly or through an unbroken chain of endorsements; or
3. it is made out in the name of the holder.