TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 7

DOCUMENTS OF TITLE

PART 1.

GENERAL

28-7-104.  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.

History:

[28-7-104, added 2004, ch. 42, sec. 2, p. 81.]