Which of the following does NOT typically include negotiation of instruments?

Investment property is the correct choice as it does not typically involve negotiation of instruments in the same manner as the other options listed.

Negotiation involves the transfer of instruments in a way that allows the transferee to acquire rights to enforce the instrument. Instruments like certified checks, promissory notes, and commercial papers are specifically designed for negotiation. They are transferable and often do so by endorsement and delivery, which is a key characteristic of negotiable instruments.

In contrast, investment property refers to financial assets such as stocks, bonds, or other securities that are typically governed by different rules. The transfer of investment property usually does not occur through a simple endorsement; instead, it often requires compliance with more complex legal and regulatory frameworks. Thus, in the context of secured transactions, investment property is treated differently than negotiable instruments, which is why it is the answer that does not fit with the others in terms of negotiation.