Act Governing the Choice of Law in Civil Matters Involving Foreign Elements Article 43

(1) The legal relationship arising from an ocean bill of lading is governed by the law specified as applicable on the bill; in the absence of specification, it is governed by the law of the place most closely connected with the bill.(2) Where goods covered by an ocean bill of lading are claimed by multiple persons on the basis either of the bill or of a property right, the priority of the claims to the goods is governed by the law applicable to claims of property right in the goods.(3) The provisions of the preceding two paragraphs regarding ocean bills of lading apply mutatis mutandis to determine the law applicable to the legal relationship arising from a warehouse receipt or a bill of lading other than an ocean bill of lading.