CD is nonnegotiable, it is assignable by its terms and was in fact assigned to the Bank; and (2) the CD “ ‘is of a type which is in ordinary course of business transferred by delivery with any necessary endorsement or assignment,’ and as such qualifies as an instrument as defined by Va.Code Ann. § 8.9-105(1).” The bankruptcy court rested its decision in part upon Panel Publishers, Inc. v. Smith (In re Kelly Group, Inc.), 159 B.R. 472, 480-81 (Bankr.W.D.Va.1993), which held that promissory notes and certificates of deposit bearing the terms “nonnegotiable and nonassignable” are instruments under Va.Code § 8.9-105(l)(i). Kelly also rejected the argument that such documents should be characterized as “ of Southwest Florida (In re Kroh Brothers), 101 B.R. 114, 119-120 (Bankr.W.D.Mo.1989) (<HOLDING>); Cadle Co. v. Citizens Nat. Bank, 200 W.Va.
holding that a state is not a person within the meaning of  1983 holding that certificates of deposit are instruments and noting that the majority of jurisdictions agree holding that certificates of deposit are instruments not general intangibles even if the certificate is labeled nontransferable recognizing that corporations are persons within the meaning of the fourteenth amendment holding that nonnegotiable certificates of deposit are instruments within the meaning of ucc article 9 even if transferability is severely restricted