§ 7—104.
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/vt/7-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 7—104. Negotiable and nonnegotiable document of title
(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 bearer or to the order of a named person.
(b)A document of title other than one described in subsection
(a)of this section 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.
(c)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. (Added 2015, No. 51, § B.3, eff. June 3, 2015.)