Unless the borrower has notice of actual or intended assignment of a premium finance agreement, payment by the borrower to the last known holder of the agreement shall be binding upon all subsequent holders or assignees.

(Authorized by K.S.A. 40-103, 40-2608; implementing K.S.A. 40-2609, 40-2611, 40-2612; effective Jan. 1, 1969; amended May 1, 1986.)