(1) When the insured has transferred the subject matter insured, the transferee shall be presumed to have succeeded to the rights and obligations under an insurance contract. <Amended by Act No. 4470, Dec. 31, 1991>
(2) In cases falling under paragraph (1), the transferor or transferee of the subject matter insured shall, without delay, notify an insurer of such fact. <Newly Inserted by Act No. 4470, Dec. 31, 1991>