49 U.S.C. § 80103 — Negotiable and nonnegotiable bills
submitted 32 years ago by Pub. L. 103-272 to r/title-49-TRANSPORTATION · 173 words · no verdicts yet
This section distinguishes negotiable from nonnegotiable bills of lading and states how each may be identified or transferred.
(a) Negotiable Bills. (1) A bill is negotiable if it says the goods are to be delivered to the order of a consignee and does not state on its face that it is not negotiable. (2) Naming someone to be notified when goods arrive does not limit negotiability and does not notify a buyer that the named person has rights to the goods.
(b) Nonnegotiable Bills. (1) A bill is nonnegotiable if it says the goods are to be delivered to a consignee. Indorsing it does not make it negotiable or give the transferee any additional right. (2) A common carrier issuing one must mark it “nonnegotiable” or “not negotiable.” This does not apply to an informal memorandum or acknowledgment.
A bill of lading is negotiable if the bill—
states that the goods are to be delivered to the order of a consignee; and
does not contain on its face an agreement with the shipper that the bill is not negotiable.
Inserting in a negotiable bill of lading the name of a person to be notified of the arrival of the goods—
does not limit its negotiability; and
is not notice to the purchaser of the goods of a right the named person has to the goods.
A bill of lading is nonnegotiable if the bill states that the goods are to be delivered to a consignee. The indorsement of a nonnegotiable bill does not—
make the bill negotiable; or
give the transferee any additional right.
A common carrier issuing a nonnegotiable bill of lading must put “nonnegotiable” or “not negotiable” on the bill. This paragraph does not apply to an informal memorandum or acknowledgment.
Source credit: (Pub. L. 103–272, § 1(e), July 5, 1994, 108 Stat. 1346.)
- 1994Enacted · Pub. L. 103-272 · 108 Stat. 1346
A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-272 on 1994-07-05.
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