208. Priority of mortgages of life insurance policies.

The mortgagee of a life insurance policy may sue in his own name1. Notice of the mortgage must, however, be given to the insurance office, and the dates on which several notices are received will regulate the priority of all claims under different assignments2. A letter by a debtor enclosing a policy on his life and requesting the creditor to instruct his solicitor to prepare the necessary assignment3, or a memorandum accompanying a deposit of a policy by which the borrower agrees to execute a valid mortgage upon request