Virginia Code 8.7-104: Negotiable and nonnegotiable documents
(1) Except as otherwise provided in subsection 3, a document is negotiable:
Terms Used In Virginia Code 8.7-104
- Document: means document of title as defined in the general definitions in Title 8. See Virginia Code 8.7-102
- Goods: means all things that are treated as movable for the purposes of a contract of storage or transportation. See Virginia Code 8.7-102
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- 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 Virginia Code 8.7-102
(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) A document other than one described in subsection 1 is nonnegotiable. 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 an order in a record signed by the same or another named person.
(3) A document is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable.
Code 1950, §§ 61-7, 61-8; 1964, c. 219; 2004, c. 200.