non-negotiable

(law) Not transferable from one person to another. Usually refers to the transferability of a title document (e.g., non-negotiable bill of lading). Possession of a non-negotiable title document alone does not entitle the holder to receive the goods named therein (e.g., non-negotiable sea waybill, air waybill, forwarder’s receipt, etc.). See negotiable; negotiable instrument.

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