(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.