Section 18-203 - Negotiation of Bill of Lading When Goods Not in Carrier's Possession

A person may not negotiate or transfer for value a bill of lading: (1) With intent to defraud; (2) With knowledge that any of the goods which appear by the terms of the bill of lading to have been received for transportation by the carrier which issued the bill of lading are not in the possession or control of the carrier or a connecting carrier; and (3) Without disclosing the lack of possession and control.