313(1)If the insured property or any interest therein is alienated or partly alienated and the assignee has the policy transferred to him, the insurer, upon application, and upon the assignee giving a new premium note or other proper security to its satisfaction for such portion of the premium note as remains unpaid, and, within thirty days next after such alienation, may accept the assignment; thereupon the assignee is entitled to all the rights and privileges, and subject to all the liabilities and conditions, to which the original party insured was entitled and subject.

313(2)Where the assignee is a mortgagee, the insurer may permit the policy to remain in force, and to be transferred to him by way of additional security, without requiring any premium note from such assignee, or without his becoming in any manner personally liable; but in such cases the premium note and liability of the mortgagor in respect thereof continue and are in no wise affected by the assignment.