Section 440.7104 - Negotiable and nonnegotiable warehouse receipt, bill of lading or other document of title. - Michigan Statutes

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962

440.7104 Negotiable and nonnegotiable warehouse receipt, bill of lading or other document of title.

Sec. 7104.

(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 non-negotiable. 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: 1962, Act 174, Eff. Jan. 1, 1964