What are the differences between a negotiable and non-negotiable bill of lading?

(a): A negotiable bill of lading instructs the carrier to deliver goods to anyone in possession of the original endorsed negotiable bill, which itself represents title to and control of the goods. A non-negotiable bill of lading sets out a specific cosignee to whom the goods are to be shipped, and does not itself represent ownership of the goods. Because of this, a negotiable bill of lading must be used for a documentary sale.

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