3(1)All property, whether real or personal (including choses-in-action), which immediately before the date of transfer was vested in or belonged to or was held in trust for the transferor and all rights, powers and privileges relating to or connected with any such property shall on the date of transfer, without any conveyance or assignment, become and be vested in or the property of or held in trust for (as the case may require) the transferee for all the estate, term or interest for which the same immediately before the date of transfer was vested in or belonged to or was held in trust for the transferor, but subject to all trusts and equities affecting the same and then subsisting and capable of being performed.N.I.
(2)All property transferred by this paragraph which, immediately before the date of transfer, was either standing in the books of any corporation or company or was entered in any register kept in pursuance of any transferred provision in the name of the transferor, shall, upon the request of the transferee made at any time after the date of transfer, be transferred in such books by such corporation or company or, as the case may be, by the person having charge of such register, into the name of the transferee.
(3)After the date of transfer, every chose-in-action transferred by this paragraph from the transferor to the transferee may be sued upon, recovered or enforced by the transferee in their own name and it shall not be necessary for the transferee to give notice to the person bound by such chose-in-action of the transfer effected by this paragraph.