Negotiable instruments are documents that can be transferred from their original holders to third parties. It is not possible to transfer a non-negotiable document. The shipper or their representative may endorse the back of an inland or ocean bill of lading to make it negotiable or non-negotiable. A bill of lading that is approved by the shipper or their representative is negotiable once the shipper endorses it. Airway bills are never negotiable.

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