§ 8.7-104 Negotiable and nonnegotiable documents
1. Except as otherwise provided in subsection 3, a document is negotiable:
a. if by its terms the goods are to be delivered to bearer or to the order of a named person; or
b. where recognized in overseas trade, if it runs to a named person or assigns.
2. A document other than one described in subsection 1 is nonnegotiable. A bill of lading in which it is stated 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 is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable.
History
The record of this law’s original creation isn’t available online. The oldest record of it is its appearance in the Code of Virginia of 1950, as §§ 61-7 and 61-8. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 219; in 2004, chapter 200.
Code 1950, §§ 61-7, 61-8; 1964, c. 219; 2004, c. 200.