(1) Except as otherwise provided in subsection (3) 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.

Terms Used In Oregon Statutes 77.1040

  • Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Oregon Statutes 77.1020
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Oregon Statutes 77.1020

(2) A document of title other than one described in subsection (1) 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.

(3) 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. [1961 c.726 § 77.1040; 2009 c.181 § 52]

 

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