How can a negotiable note be best defined?

A negotiable note is best defined as an instrument that can be transferred from one party to another, and its value is associated with certain conditions, such as being secured by a trust deed. In this case, when a note is secured by a trust deed, it means that the holder of the note has a legal claim to the property in the event of default. The negotiability of the note allows it to be passed along to another party, making it a fluid instrument of credit.

It's important to note that while the trust deed itself is a legal document securing the note, it does not carry the same characteristics of negotiability as the note does. The trust deed may be tied to specific legal obligations and cannot be easily transferred in the same manner as the negotiable note.

In general, negotiable instruments must meet specific conditions to be transferable, including being in writing, signed by the maker, having a fixed amount of money, and being payable on demand or at a definite time. This indicates a level of fluidity that is not applied to trust deeds, which serve a different purpose in securing financial agreements.

Other options do not accurately portray the nature of negotiable notes. For example, stating that a note is always non-assignable contradict