promissory notes that are freely transferable from one party to another are called
Promissory note If the promissory note is unconditional and readily saleable, it is called a negotiable instrument.[2]
Transfer of Property Act 1882 According to the Act, 'transfer of property' means an act by which a person conveys the property to one or more persons, or himself and one or more other persons. The act of transfer may be done in the present or for the future. The person may include an individual, company or association or body of individuals, and any kind of property may be transferred, including the transfer of immovable property.