454. Mode of transfer of bill of lading.

A bill of lading which contains the name of the consignee, and further provides for delivery to his order or to his assigns, is transferred by indorsement and delivery1. The indorsement may name the transferee to whom delivery is to be made, in which case it is called a 'special indorsement'2 or an indorsement 'in full'. If no transferee is named, the indorsement is called an 'indorsement in blank'3, and the goods specified in the bill of lading are deliverable to bearer4.

If the bill of lading does not name the consignee but makes the goods deliverable to bearer or