(1) In case of any assignment, creation, change, transmission or devolution of the interest, estate, title or liability of any party, between the commencement of any proceedings and judgment therein, the person to or upon whom the interest, estate, title or liability has come or devolved may apply to be added or substituted as a party, and the plaintiff may in like manner apply for such addition or substitution, if the party concerned was a defendant.
(2) Notice of any application under subsection (1) shall be served on all parties.
(3) Where an application should be made under subsection (1) and is not made within a reasonable period, the Court may on its own motion or on the application of any party order the party or person concerned to make the application within a stated time, and in default may strike out or dismiss the proceedings, or order that the party or person concerned be precluded from defending, as the case may be.
(4) Where any of the matters referred to in subsection (1) has occurred after judgment and there is money in Court to the credit of the proceeding, the Court may order any person to be served with any application for an order for payment out.