NY UCC, Article 7, Part 1, transfer and negotiation

Article 7, Part 1 GENERAL

Section 7--101. Short Title. This Article shall be known and may be cited as Uniform Commercial Code--Documents of Title. Section 7--102. Definitions and Index of Definitions. (1) In this Article, unless the context otherwise requires: (a) "Bailee" means the person who by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. (b) "Consignee" means the person named in a bill to whom or to whose order the bill promises delivery. (c) "Consignor" means the person named in a bill as the person from whom the goods have been received for shipment. (d) "Delivery order" means a written order to deliver goods directed to a warehouseman, carrier or other person who in the ordinary course of business issues warehouse receipts or bills of lading. (e) "Document" means document of title as defined in the general definitions in Article 1 (Section 1--201). (f) "Goods" means all things which are treated as movable for the purposes of a contract of storage or transportation. (g) "Issuer" means a bailee who issues a document except that in relation to an unaccepted delivery order it means the person who orders the possessor of goods to deliver. Issuer includes any person for whom an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, notwithstanding that the issuer received no goods or that the goods were misdescribed or that in any other respect the agent or employee violated his instructions. (h) "Warehouseman" is a person engaged in the business of storing goods for hire. (2) Other definitions applying to this Article or to specified Parts thereof, and the sections in which they appear are: "Duly negotiate". Section 7--501. "Person entitled under the document". Section 7--403 (4). (3) Definitions in other Articles applying to this Article and the sections in which they appear are: "Contract for sale". Section 2--106. "Overseas". Section 2--323. "Receipt" of goods. Section 2--103. (4) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. Section 7--103. Relation of Article to Treaty, Statute, Tariff, Classification or Regulation. To the extent that any treaty or statute of the United States, regulatory statute of this State or tariff, classification or regulation filed or issued pursuant thereto is applicable, the provisions of this Article are subject thereto. Section 7--104. Negotiable and Non-Negotiable Warehouse Receipt, Bill of Lading or Other Document of Title. (1) A warehouse receipt, bill of lading or other document of title 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) Any other document is non-negotiable. 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 a written order signed by the same or another named person. Section 7--105. Construction Against Negative Implication. The omission from either Part 2 or Part 3 of this Article of a provision corresponding to a provision made in the other Part does not imply that a corresponding rule of law is not applicable.