30-7-104. Negotiable and nonnegotiable document of title. (1) A document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person.
(2) A document of title other than one described in subsection (1) is nonnegotiable. 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 a written order signed by the same or another named person.
(3) A document of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable.
History: En. Sec. 7-104, Ch. 264, L. 1963; R.C.M. 1947, 87A-7-104; amd. Sec. 37, Ch. 575, L. 2005.