(a) Except as otherwise provided in subsection (c) of this section, a document of title is negotiable if by its terms the goods are to be delivered to the bearer or to the order of a named person.
A document of title other than one described in subsection (a) of this section, isnonnegotiable. A bill of lading that states that the goods are consigned to a named person is not made negotiable by a provision that the goods are to be delivered only against an order in a record signed by the same or another named person.
A document of title is nonnegotiable if, at the time it is issued, the document has aconspicuous legend, however expressed, that it is nonnegotiable.
Source: L. 2006: Entire article R&RE, p. 471, § 2, effective September 1. L. 2007: (a) amended, p. 366, § 3, effective August 3.
Editor's note: This section is similar to former § 4-7-104 as it existed prior to 2006.