§ 34.1-7-104 — Negotiable and nonnegotiable documents of title

(a) Except as otherwise provided in subsection (c) 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.
(b) A document of title other than one described in
subsection (a) 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.
(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.