Explanation:

The correct answer is Option 3: both A and B.

Section 137 of the Transfer of Property Act, 1882, excludes certain categories of property from the Act’s provisions, specifically shares and bills of exchange. Shares, which represent ownership in a corporation, are governed by the Companies Act, 2013, and not by the Transfer of Property Act. Similarly, bills of exchange, a type of negotiable instrument typically used in finance, are regulated by the Negotiable Instruments Act, 1881. These instruments are not subject to the rules of transfer outlined in the Transfer of Property Act, as they are dealt with under specialized legislation that governs their transfer and negotiation. Thus, both shares and bills of exchange are excluded from the scope of Section 137.