270. Priority of mortgages of insurance policies.

270.     Priority of mortgages of insurance policies.

In respect of notice, insurance policies are subject to the same rule as other choses or things in action, and notice to the office or the underwriter by a later incumbrancer will, in the absence of other circumstances, give him priority over an earlier incumbrancer1. Companies are not bound to receive notice of assignments of shares, and the priorities of incumbrancers on shares are therefore not regulated by notice2.