The effect of such a crossing is that it removes the most important characteristic of a negotiable instrument : the transferee of such a crossed cheque cannot get a better title than that of the transferor ( cannot become a holder in due course ) and cannot convey a better title to his own transferee, but the instrument remains transferable.
12.
Intangible assets such as interests in securities also cannot be negotiable instrument, and there is an issue of whether this reduces security of transfer in securities markets . he " holder in due course " of a traditional negotiable instrument ( very broadly, the good faith purchaser ) takes the instrument free from prior claims, and can get good title from a thief.
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