The rights arising under an instrument which is transferable can be transferred by Delivery of the instrument (together with any necessary Indorsement). An instrument which is merely transferable and not Negotiable, confers upon the transferee, only such interest as the transferor had and the transferee does not take free from the transferor's defects in title.

A Bill of Lading is transferable (ie transfer operates as a transfer of constructive possession of the goods and may, if so intended (eg as specified in a contract of sale), operate as a transfer of the title to them) if made transferable.

A Bill of Exchange is Negotiable unless expressly excluded.

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