Question: B borrowed Php 1 million from L and offered to him his BMW car worth Php 1 Million as collateral. B then executed a promissory

B borrowed Php 1 million from L and offered to him his BMW car worth Php 1 Million as collateral. B then executed a promissory note that reads: "I, B, promise to pay L or bearer the amount of Php1 Million and to keep my BMW car (loan collateral) free from any other encumbrance. Signed, B." Is this note negotiable?

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