§490:7-104  Negotiable and nonnegotiable
document of title.  (a)  Except as otherwise provided in subsection (c), 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) 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. [L 2004, c 163, pt of §1]