term:

Negotiable

negotiable adj

: capable of being negotiated
;esp
: transferable from one party to another by delivery with or without endorsement so that title passes to the transferee [ securities] [a certificate of deposit] see also negotiable instrument
ne·go·tia·bil·i·ty [ni-gō-shə-bi-lə-tē]
n

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.