N.Y. Uniform Commercial Code Law § 7-104: Negotiable and Nonnegotiable Document of Title

Section 7--104. Negotiable and Nonnegotiable Document of Title.

(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.

(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.