Bill of lading that is written (drawn) 'To Order' of the consignee and is, therefore, a negotiable instrument of title. Ownership of goods covered under it can be transferred by one party to another by signature (endorsement) and delivery of the Bill of Landing. Generally, goods which have not been paid-for in advance (goods sent under an open-account or a letter-of-credit) are shipped under 'To Order' Bill of Landing.
Bill of lading comes under the "document of title to goods”.