431. Meaning of 'negotiability'.

In times past a bill of lading has often been described as a 'negotiable instrument'1. But this does not mean the same thing as a 'negotiable instrument' in the sense of a bill of exchange or promissory note2. As regards a bill of lading 'negotiable' means:


    (1)     the right to demand delivery of the goods from the carrier, and deemed possession of the goods themselves, are transferred by the delivery to the lawful holder of the bill of lading3, with no further assignment or notice to the carrier being necessary for these transfers to take effect