§7-1104. Negotiable and nonnegotiable document of title
167 words·~1 min read·
/me/title-11-uniform-commercial-code/7-1104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). Except as otherwise provided in subsection
(3), 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.
[PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
(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 an order in a record signed by the same or another named person.
[PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
(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.
[PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]