For an instrument to be negotiable, the instrument must indicate it was created with the purpose of being transferred.

Transferable

Characteristic of an asset or right that allows it to be passed from one party to another, often through sale or trade.

Purpose

The reason for which something is done or created, or for which something exists; intent or objective.

Instrument

A legal document formalizing an agreement or right, such as contracts, wills, or deeds.