A term used in a quasi legal sense, to lndlcate that the char-acter of assignability or negotiablllty attaches to the particular instrument, or that it may pass from hand to hand, carrying all rights of the original holder. The words “not transferable” are sometimes prlnted up-on a ticket, receipt, or bill of lading, to show that the same will not be good in the hands of any person other than the one to whom first issued
Source: Black's Law Dictionary 2nd Ed (1910)
