Vermont § 501 - § 7—501.

§ 501. § 7—501.

• Form of negotiation and requirements of due negotiation (a) The following rules apply to a negotiable tangible document of title: (1) If the document’s original terms run to the order of a named person, the document
  is negotiated by the named person’s indorsement and delivery. After the named person’s
  indorsement in blank or to bearer, any person may negotiate the document by delivery
  alone. (2) If the document’s original terms run to bearer, it is negotiated by delivery alone. (3) If the document’s original terms run to the order of a named person and it is delivered
  to the named person, the effect is the same as if the document had been negotiated. (4) Negotiation of the document after it has been indorsed to a named person requires
  indorsement by the named person and delivery. (5) A document is duly negotiated if it is negotiated in the manner stated in this subsection
  to a holder that purchases it in good faith, without notice of any defense against
  or claim to it on the part of any person, and for value, unless it is established
  that the negotiation is not in the regular course of business or financing or involves
  receiving the document in settlement or payment of a monetary obligation. (b) The following rules apply to a negotiable electronic document of title: (1) If the document’s original terms run to the order of a named person or to bearer,
  the document is negotiated by delivery of the document to another person. Indorsement
  by the named person is not required to negotiate the document. (2) If the document’s original terms run to the order of a named person and the named
  person has control of the document, the effect is the same as if the document had
  been negotiated. (3) A document is duly negotiated if it is negotiated in the manner stated in this subsection
  to a holder that purchases it in good faith, without notice of any defense against
  or claim to it on the part of any person, and for value, unless it is established
  that the negotiation is not in the regular course of business or financing or involves
  taking delivery of the document in settlement or payment of a monetary obligation. (c) Indorsement of a nonnegotiable document of title neither makes it negotiable nor adds
  to the transferee’s rights. (d) The naming in a negotiable bill of lading of a person to be notified of the arrival
  of the goods does not limit the negotiability of the bill or constitute notice to
  a purchaser of the bill of any interest of that person in the goods. (Added 2015, No. 51, § B.3, eff. June 3, 2015.)