§ 8.7-104 Negotiable and nonnegotiable documents
1. Except as otherwise provided in subsection 3, a document is negotiable:
a. if by its terms the goods are to be delivered to bearer or to the order of a named person; or
b. where recognized in overseas trade, if it runs to a named person or assigns.
2. A document other than one described in subsection 1 is nonnegotiable. A bill of lading in which it is stated 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.
3. A document is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable.
History
The record of this law’s original creation isn’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 219; in 2004, chapter 200.
Code 1950, §§ 61-7, 61-8; 1964, c. 219; 2004, c. 200.