(1)The transfer of an actionable claim [whether with or without consideration] [In section 130 words in brackets inserted by Act VI of Samvat 1996.] shall be effected only by the execution of an instrument in writing signed by the transferor or his duly authorised agent, and shall be complete and effectual upon the execution of such instrument, and thereupon all the rights and remedies of the transferor, whether by way damages or otherwise, shall vest in the transferee, whether such notice of the transfer as is hereinafter provided be given or not :Provided that every dealing with the debt or other actionable claim by the debtor or other person from or against whom the transferor would, but for such instrument of transfer as aforesaid, have been entitled to recover or enforce such debt or other actionable claim, shall (save where the debtor or other person is a party to the transfer or has received express notice thereof as hereinafter provided) be valid as against such transfer.
