N.Y. U.C.C. 7-104

Section 7--104. Negotiable and Nonnegotiable Document of Title.\n (a) Except as otherwise provided in subsection (c), a document of\ntitle is negotiable if by its terms the goods are to be delivered to\nbearer or to the order of a named person.\n (b) A document of title other than one described in subsection (a) is\nnonnegotiable. A bill of lading that states that the goods are consigned\nto a named person is not made negotiable by a provision that the goods\nare to be delivered only against an order in a record signed by the same\nor another named person.\n (c) A document of title is nonnegotiable if, at the time it is issued,\nthe document has a conspicuous legend, however expressed, that it is\nnonnegotiable.\n