ORS 77.5010
Form of negotiation and requirements of due negotiation


(1)

The following rules apply to a negotiable tangible document of title:

(a)

If the document’s original terms run to the order of a named person, the document is negotiated by the named person’s indorsement and delivery. After the named person’s indorsement in blank or to bearer, any person may negotiate the document by delivery alone.

(b)

If the document’s original terms run to bearer, it is negotiated by delivery alone.

(c)

If the document’s original terms run to the order of a named person and the document is delivered to the named person, the effect is the same as if the document had been negotiated.

(d)

Negotiation of the document after it has been indorsed to a named person requires indorsement by the named person and delivery.

(e)

A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves receiving the document in settlement or payment of a monetary obligation.

(2)

The following rules apply to a negotiable electronic document of title:

(a)

If the document’s original terms run to the order of a named person or to bearer, the document is negotiated by delivery of the document to another person. Indorsement by the named person is not required to negotiate the document.

(b)

If the document’s original terms run to the order of a named person and the named person has control of the document, the effect is the same as if the document had been negotiated.

(c)

A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases the document in good faith, without notice of any defense against or claim to the document on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves taking delivery of the document in settlement or payment of a monetary obligation.

(3)

Indorsement of a nonnegotiable document of title neither makes it negotiable nor adds to the transferee’s rights.

(4)

The naming in a negotiable bill of lading of a person to be notified of the arrival of the goods does not limit the negotiability of the bill or constitute notice to a purchaser of the bill of any interest of that person in the goods. [1961 c.726 §77.5010 (Form of negotiation and requirements of due negotiation); 2009 c.181 §77]

Source: Section 77.5010 — Form of negotiation and requirements of due negotiation, https://www.­oregonlegislature.­gov/bills_laws/ors/ors077.­html.

77.1010
Short title
77.1020
Definitions and index of definitions
77.1030
Relation of chapter to treaty or statute
77.1040
Negotiable and nonnegotiable document of title
77.1050
Reissuance in alternative medium
77.1060
Control of electronic document of title
77.2010
Person that may issue a warehouse receipt
77.2020
Form of warehouse receipt
77.2030
Liability for nonreceipt or misdescription
77.2040
Duty of care
77.2050
Title under warehouse receipt defeated in certain cases
77.2060
Termination of storage at warehouse’s option
77.2070
Goods must be kept separate
77.2080
Altered warehouse receipts
77.2090
Lien of warehouse
77.2100
Enforcement of warehouse’s lien
77.3010
Liability for nonreceipt or misdescription
77.3020
Through bills of lading and similar documents of title
77.3030
Diversion
77.3040
Bills of lading in a set
77.3050
Destination bills
77.3060
Altered bills of lading
77.3070
Lien of carrier
77.3080
Enforcement of carrier’s lien
77.3090
Duty of care
77.4010
Irregularities in issue of receipt or bill or conduct of issuer
77.4020
Duplicate document of title
77.4030
Obligation of bailee to deliver
77.4040
No liability for good faith delivery pursuant to document of title
77.5010
Form of negotiation and requirements of due negotiation
77.5020
Rights acquired by due negotiation
77.5030
Document of title to goods defeated in certain cases
77.5040
Rights acquired in the absence of due negotiation
77.5050
Indorser not a guarantor for other parties
77.5060
Delivery without indorsement
77.5070
Warranties on negotiation or delivery of document of title
77.5080
Warranties of collecting bank as to documents
77.5090
Adequate compliance with commercial contract
77.6010
Lost, stolen or destroyed documents of title
77.6020
Judicial process against goods covered by negotiable document of title
77.6030
Conflicting claims
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