ORS 77.1040¹
Negotiable and nonnegotiable document of title

(1) Except as otherwise provided in subsection (3) 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.

(2) A document of title other than one described in subsection (1) 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.

(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. [1961 c.726 §77.1040 (Negotiable and nonnegotiable document of title); 2009 c.181 §52]

1 Legislative Counsel Committee, CHAPTER 77—Warehouse Receipts, Bills of Lading and Other Documents of Title, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors077.­html (2019) (last ac­cessed May 16, 2020).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information