Nothing contained in the terms of any such policy shall operate to prevent its valid assignment by the insured; but the company issuing the policy so assigned shall be discharged of all liability thereon by payment of its proceeds in accordance with its terms, unless before such payment the company shall have written notice of such assignment.
(June 4, 1934, 48 Stat. 835, ch. 373, § 4.)
Prior Codifications1981 Ed., § 35-904.
1973 Ed., § 35-1004.