Sec. 7104.
(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.
(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.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)
174-1962-7-1 - Part 1 General (440.7101...440.7106)
Section 440.7101 - Uniform Commercial Code—documents of Title; Short Title of Article.
Section 440.7102 - Uniform Commercial Code; Documents of Title; Definitions.
Section 440.7106 - Person Having Control of Electronic Document.