A effects a policy on his own life with an insurance company and, by a duly signed and attested…

Illustration (ii) to section 130 states that "the Bank is entitled to receive the amount of the policy and to sue on it without the concurrence of A's executor". Section 130(2) lets the transferee of an actionable claim sue "in his own name without obtaining the transferor's consent", and the illustration makes the bank's right subject only to the proviso to section 130(1) and to section 132. Section 130 does not affect section 38 of the Insurance Act, 1938, under which an assignment of a life policy gives no "right to sue" the insurer until written notice of it is delivered to the insurer, as it was here.