(3)Where the seller of goods draws on the buyer for the price and transmits to the buyer the bill of exchange together with the bill of lading or, as the case may be, the railway receipt, to secure acceptance or payment of the bill of exchange, the buyer is bound to return the bill of lading or the railway receipt if he does not honour the bill of exchange; and, if he wrongfully retains the bill of lading or the railway receipt, the property in the goods does not pass to him.Explanation.—In this section, the expressions “railway” and “railway administra-tion” shall have the meanings respectively assigned to them under the Indian Railways Act, 1890 (9 of 1890).
