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What is the document title?

document of title. Formal commercial document (such as bill of sale, certificate of title, title deed) or shipping document (such as a bill of lading, dock receipt, warehouse receipt) that confers and/or proves ownership.

What is a negotiable document of title?

Any document of title, including a warehouse receipt and a bill of lading, is negotiable or becomes negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person. Uniform Commercial Code, Section 7-104(1)(a). All other documents of title are nonnegotiable.

What is a negotiable title?

A document of title is negotiable when by its terms the goods are to be delivered to the bearer or to the order of the named person. A document of title is nonnegotiable if at the time it is issued, a document has a conspicuous legend. The UCC lists all negotiable documents of title.

What is the meaning of document of title to goods?

Document of Title of Goods. Under Sec 2(4), A document of title of goods is one used in the ordinary course of business as proof of the possession or control of goods. It authorizes, either by endorsement or delivery, its possessor to transfer or receive goods represented by it.

What is a nonnegotiable document?

Negotiable and Nonnegotiable Document of Title. ... 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.

Is a bill of lading a document of title?

A bill of lading is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. A bill of lading is a document of title, a receipt for shipped goods, and a contract between a carrier and shipper.

Is a bill of lading a title document?

When the bill of lading is used as a document of title, it is particularly related to the case of buyer. When the buyer is entitled to received goods from the carrier, bill of lading in this case performs as document of title for the goods. There are two types of bill of lading that can perform as document of title.

Is a straight bill of lading a document of title?

Accordingly, it is not a transferable or negotiable2document of title, which can be used to transfer the right to possession of the goods covered by the document. ... Bearer bills of lading are negotiable without endorsement. The legal status of straight bills has implications for delivery and package limitation.

What is a Bill of Lading document?

The bill of lading (BOX) works as a receipt of freight services, a contract between a freight carrier and shipper and a document of title. The bill of lading is a legally binding document providing the driver and the carrier all the details needed to process the freight shipment and invoice it correctly.

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