(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.\n(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.\n(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; 2009 c.181 §52]
Oregon Legal Code