49 USC 80103 - Negotiable and nonnegotiable bills

U.S Code last checked for updates: Nov 22, 2024

§ 80103.

Negotiable and nonnegotiable bills

(a)

Negotiable Bills.—

(1)

A bill of lading is negotiable if the bill—

(A)

states that the goods are to be delivered to the order of a consignee; and

(B)

does not contain on its face an agreement with the shipper that the bill is not negotiable.

(2)

Inserting in a negotiable bill of lading the name of a person to be notified of the arrival of the goods—

(A)

does not limit its negotiability; and

(B)

is not notice to the purchaser of the goods of a right the named person has to the goods.

(b)

Nonnegotiable Bills.—

(1)

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—

(A)

make the bill negotiable; or

(B)

give the transferee any additional right.

(2)

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.

(Pub. L. 103–272, § 1(e), July 5, 1994, 108 Stat. 1346.)

cite as: 49 USC 80103