49 USC 80103 - Sec. 80103. Negotiable and nonnegotiable bills
49 USC - US Code - Title 49: Transportation (January 2003)
Permanent Link:
http://vlex.com/vid/negotiable-and-nonnegotiable-bills-19260586
Id. vLex: VLEX-19260586
Click here to download this article in graphic format (Acrobat Reader)
Document language
Search in this document
Document options
(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. (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.
Historical And Revision Notes
Revised Source (U.S. Code) Source (Statutes at Large) Section
80103(a)(1) 49 App.:83. Aug. 29, 1916, ch. 415, Secs. 2, 3, 6, 7, 29 (last sentence), 39 Stat. 539, 543. 80103(a)(2) 49 App.:87. 80103(b)(1) 49 App.:82. 49 App.:109 (last sentence). 80103(b)(2) 49 App.:86.
In subsection (a)(1), the words "A bill of lading is negotiable if . . . states that the goods are to be delivered to the order of a consignee" are substituted for "A bill in which it is stated that the goods are consigned or destined to the order of any person named in such bill is an order bill" for clarity and consistency in the revised title and with other titles of the United States Code. The words "does not contain on its face an agreement with the shipper that the bill is not negotiable" are substituted for 49 App.:83 (last sentence) for clarity and to eliminate unnecessary words.
In subsection (a)(2)(B), the words "right the named person has" are substituted for "rights or equities of such person" for clarity.
In subsection (b)(1), before clause (A), the words "A bill of lading is nonnegotiable if" are substituted for "A bill in which . . . is a straight bill" in 49 App.:82 for consistency in the revised title and with other titles of the Code. The words "free from existing equities" in 49 App.:109 (last sentence) are omitted as surplus.
Try vLex for FREE for 3 days
Access legal information from United States including:
- Constitutions
- Forms and Contracts
- Legal Books and Journals
- Case Law
- News and Business
- Regulations
- U.S. Code
Try vLex without any commitment for 3 days and see why you need it.
3
days of Free Access
