Current holder
Wallet A owns the note and can transfer the claim like any other ERC-721.
02 / OWNERSHIP
The claim moves.The vault stays.
A transfer changes the holder of the note, not the location of the tokens. The instrument carries its own history from wallet to wallet.
Open the app ↗VLM / 02READING NOTE
WALLET ACURRENT HOLDER
ACTIONERC-721 TRANSFER
WALLET BNEW CLAIMANT
VAULTUNCHANGED
HOW IT MOVES
Transfer
The tokenId changes hands. No underlying balance leaves the vault.
New holder
Wallet B becomes the claimant and inherits the same amount, entry and maturity.
Provenance
The transfer log preserves the path the note travelled.