The correct answer is: A. Negotiated.
A promissory note, bill of exchange or cheque is said to be negotiated when it is transferred to any person so as to constitute that person the holder there of. This means that the transferee becomes the new owner of the instrument and is entitled to all the rights and benefits that come with it.
An assignment, on the other hand, is a transfer of ownership of an asset without the transfer of possession. In the context of negotiable instruments, an assignment would occur when the owner of a promissory note, bill of exchange or cheque transfers their ownership to another person, but does not hand over the physical instrument.
A termination is the cancellation or ending of an agreement or contract. In the context of negotiable instruments, a termination would occur when a promissory note, bill of exchange or cheque is cancelled by the issuer or the holder.
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