Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/7-104

(810 ILCS 5/7-104) (from Ch. 26, par. 7-104)

Sec. 7-104.

Negotiable and nonnegotiable document of title.

(a) Except as otherwise provided in subsection (c), 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) 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.

(Source: P.A. 95-895, eff. 1-1-09.)