Utah Code 70A-7a-104. Negotiable and nonnegotiable document of title
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(1) Except as otherwise provided in Subsection (3) , 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.
Terms Used In Utah Code 70A-7a-104
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Utah Code 70A-7a-102
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 70A-7a-102
(2) A document of title other than one described in Subsection(1) 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.(3) 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.