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From: Webster's Revised Unabridged Dictionary (1913)

 Ne·go·ti·a·ble a.  Capable of being negotiated; transferable by assignment or indorsement to another person; as, a negotiable note or bill of exchange.
 Negotiable paper, any commercial paper transferable by sale or delivery and indorsement, as bills of exchange, drafts, checks, and promissory notes.