70A-7a-104 - Negotiable and nonnegotiable document of title.
70A-7a-104. Negotiable and nonnegotiable document of title.
(1) Except as otherwise provided in Subsection (3), a document of title is negotiable if byits 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. Abill of lading that states that the goods are consigned to a named person is not made negotiable bya provision that the goods are to be delivered only against an order in a record signed by the sameor another named person.
(3) A document of title is nonnegotiable if, at the time it is issued, the document has aconspicuous legend, however expressed, that it is nonnegotiable.
Enacted by Chapter 42, 2006 General Session