Negotiable and nonnegotiable warehouse receipt, bill of lading or other document of title.
1. A warehouse receipt, bill of lading or other document of title is negotiable:
(a) If by its terms the goods are to be delivered to bearer or to the order of a named person; or
(b) Where recognized in overseas trade, if it runs to a named person or assigns.
2. Any other document is nonnegotiable. A bill of lading in which it is stated that the goods are consigned to a named person who is not made negotiable by a provision that the goods are to be delivered only against a written order signed by the same or another named person.
Last modified: February 27, 2006