49 USC 80103 - Negotiable and nonnegotiable bills

(a) Negotiable Bills.— 

(1) A bill of lading is negotiable if the bill
(A) states that the goods are to be delivered to the order of a consignee; and
(B) does not contain on its face an agreement with the shipper that the bill is not negotiable.

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(2) Inserting in a negotiable bill of lading the name of a person to be notified of the arrival of the goods
(A) does not limit its negotiability; and
(B) is not notice to the purchaser of the goods of a right the named person has to the goods.
(b) Nonnegotiable Bills.— 

(1) A bill of lading is nonnegotiable if the bill states that the goods are to be delivered to a consignee. The indorsement of a nonnegotiable bill does not
(A) make the bill negotiable; or
(B) give the transferee any additional right.
(2) A common carrier issuing a nonnegotiable bill of lading must put nonnegotiable or not negotiable on the bill. This paragraph does not apply to an informal memorandum or acknowledgment.