49 USC 80105 - Title and rights affected by negotiation

(a) Title.— 
When a negotiable bill of lading is negotiated
(1) the person to whom it is negotiated acquires the title to the goods that
(A) the person negotiating the bill had the ability to convey to a purchaser in good faith for value; and
(B) the consignor and consignee had the ability to convey to such a purchaser; and

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(2) the common carrier issuing the bill becomes obligated directly to the person to whom the bill is negotiated to hold possession of the goods under the terms of the bill the same as if the carrier had issued the bill to that person.
(b) Superiority of Rights.— 
When a negotiable bill of lading is negotiated to a person for value in good faith, that persons right to the goods for which the bill was issued is superior to a sellers lien or to a right to stop the transportation of the goods. This subsection applies whether the negotiation is made before or after the common carrier issuing the bill receives notice of the sellers claim. The carrier may deliver the goods to an unpaid seller only if the bill first is surrendered for cancellation.
(c) Mortgagee and Lien Holder Rights Not Affected.— 
Except as provided in subsection (b) of this section, this chapter does not limit a right of a mortgagee or lien holder having a mortgage or lien on goods against a person that purchased for value in good faith from the owner, and got possession of the goods immediately before delivery to the common carrier.