Under US Law three documents are considered negotiable The Bill of Exchangethe Promisory Note and the Cheque. Other documents that have acquired thecharacter of negotiability are considered QuasiNegotiable instruments.A negotiable instrument must have the following features It must be a physical tangible document It must be transferrable without notice It must pass to the holder full legal title free of all equities Its negotiable status must be written on the document Its wording constitutes a formal promise against the maker The document and the promise it contains must constitute an independenttransactionThe Negotiable Bill of Lading meets all of these requirements except for thepassing of full legal title free of all equities to the subsequent holder.