Assignee’s priority of interest

(1) An assignee of a contract who gives notice in writing of the assignment to the head office of the insurance company has priority of interest as against– (a) any assignee other than one who gave notice earlier in like manner; and 141 (b) a beneficiary other than one designated irrevocably as provided in section 112, prior to the time the assignee gave notice to the insurance company of the assignment in the manner prescribed in this sub-section. (2) Where a contract is assigned as security, the rights of a beneficiary under the contract are affected only to the extent necessary to give effect to the rights and interests of the assignee. (3) Where a contract is assigned absolutely, the assignee has all the rights and interests given to the policyholder by the contract and by this Part and shall be deemed to be the policy (4) A provision in a contract to the effect that the rights or interests of the policyholder, or, in the case of group insurance, the group life insured, are not assignable is valid.