Uniform Commercial Code

U.C.C. - ARTICLE 7 - WAREHOUSE RECEIPTS, BILLS OF LADING AND OTHER DOCUMENTS OF TITLE
..PART 1. GENERAL

§ 7-104. Negotiable and Non-negotiable Warehouse Receipt, Bill of Lading or Other Document of Title.

(1) A warehouse receipt, bill of lading or other document of title is negotiable

• (a) if by its terms the goods are to be delivered to bearer or to the order of a named person; or
• (b) where recognized in overseas trade, if it runs to a named person or assigns.

(2) Any other document is non-negotiable. A bill of lading in which it is stated 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.