77.1040 Negotiable and nonnegotiable document of title

(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.

(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 (Negotiable and nonnegotiable document of title) ; 2009 c.181 §52]

Source: Section 77.1040 — Negotiable and nonnegotiable document of title , https://www.­oregonlegislature.­gov/bills_laws/ors/ors077.­html (accessed May 26, 2025).