Okla. Stat. tit. 12A § 7-104

Current through Laws 2024, c. 453.

Section 7-104 - Negotiable and nonnegotiable document of title

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

Okla. Stat. tit. 12A, § 7-104

Laws 1961, p. 140, § 7-104; Amended by Laws 2005 , HB 2035, c. 140, § 3, eff. 1/1/2006.

Oklahoma Code Comment

Prior Statutory Provisions:

2 O.S. §§ 9-62 to 9- 64.

Text and derivation of prior provisions, see Appendix at end of this title.

Comment:

(1)(a). As to warehouse receipts this is substantially the same as former 2 O.S. § 9-64.

As to bills of lading - the previous Oklahoma statutes seemingly made no distinction between negotiable and non-negotiable bills. Neither term was used in the statutes.

(b). New.

(2) Former 2 O.S. § 9-63 defined a non-negotiable warehouse receipt as one in which it is stated that the goods received will be delivered to the depositor, or to any other specified person. The Commercial Code definition is simply that any documents which do not comply with the requirements of (1) are non-negotiable.