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From The Collaborative International Dictionary of English v.0.48:
Negotiable \Ne*go"ti*a*ble\ (? or ?), a. [Cf. F. n['e]gotiable. See Negotiate.] Capable of being negotiated; transferable by assignment or indorsement to another person; as, a negotiable note or bill of exchange. [1913 Webster] Negotiable paper, any commercial paper transferable by sale or delivery and indorsement, as bills of exchange, drafts, checks, and promissory notes. [1913 Webster]