In a straight bill of lading---non-negotiable
bill of lading---the title to the goods is conferred directly to a party
named in the letter of credit (the importer usually),
as such the title to the goods is not transferable to
another party by endorsement. In other words,
the bill of lading is not negotiable.
The letter of credit calls for a straight bill of lading usually
by using such words as "consigned to [the named party]"
or "issued in the name of [the named party]".
The named party can obtain the goods directly from the carrier at destination.
Therefore, unless the cash payment has been received
by the exporter or the buyer's integrity is unquestionable,
the use of a straight bill of lading is risky
(please see Fly-By-Night Importers for related information).