30-7-104. Negotiable and nonnegotiable 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 nonnegotiable. 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.

     History: En. Sec. 7-104, Ch. 264, L. 1963; R.C.M. 1947, 87A-7-104.