Arizona Laws 47-7104. Negotiable and nonnegotiable document of title
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A. Except as otherwise provided in subsection C, 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 Arizona Laws 47-7104
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Arizona Laws 47-7102
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. A document of title other than one described in subsection A 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.