<P> Under the Code, the following are not negotiable instruments, although the law governing obligations with respect to such items may be similar to or derived from the law applicable to negotiable instruments: </P> <Ul> <Li> Bills of lading and other documents of title, which are governed by Article 7 of the Code . However, under admiralty law, a bill of lading may either be a negotiable or' order' bill of lading or a nonnegotiable or' straight' bill of lading . </Li> <Li> Deeds and other documents conveying interests in real estate, although a mortgage may secure a promissory note which is governed by Article 3 </Li> <Li> IOUs </Li> <Li> Letters of credit, which are governed by Article 5 of the Code </Li> </Ul> <Li> Bills of lading and other documents of title, which are governed by Article 7 of the Code . However, under admiralty law, a bill of lading may either be a negotiable or' order' bill of lading or a nonnegotiable or' straight' bill of lading . </Li> <Li> Deeds and other documents conveying interests in real estate, although a mortgage may secure a promissory note which is governed by Article 3 </Li>

Who is a holder of a negotiable instrument