Section 55-7-104 - Negotiable and nonnegotiable document of title. - New Mexico Statutes

55-7-104. Negotiable and nonnegotiable document of title.

(a)     Except as otherwise provided in Subsection (c) of this section, 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) of this section 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.