| (1) |
Except as otherwise provided in Subsection (3), 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 Utah Code 70A-7a-104
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Utah Code 70A-7a-102
- Person: means :Utah Code 68-3-12.5
- 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 Utah Code 70A-7a-102
| (2) |
A document of title other than one described in Subsection (1) 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. |
Enacted by Chapter 42, 2006 General Session
