The transfer or assignment for value of any property forming the subject matter of a claim under subsection (a) or (b) of section 4132 of this title subsequent to its damage, loss, or destruction shall not operate to extinguish any claim of the transferor otherwise compensable under either of such subsections. If a claim which could otherwise be allowed under subsection (a) or (b) of section 4132 of this title has been assigned for value prior to October 22, 1962 , the assignee shall be the party entitled to claim thereunder. (July 3, 1948, ch. 826, title II, § 203, as added Pub. L. 87–846, title I, § 103 , Oct. 22, 1962 , 76 Stat. 1109 .) Editorial Notes Codification Section was formerly classified to section 2017b of the former Appendix to this title prior to editorial reclassification and renumbering as this section.