On the effective date of any transfer of school territory, the right to possession of and the title to all school buildings, furnishings, and school tangible personal property located in the territory transferred shall vest in the receiving district, and the receiving district shall assume payment of the unpaid bonded indebtedness incurred prior to the transfer in acquiring the school property and in acquiring, constructing and furnishing the school buildings located within its new territorial limits, except the giving district shall remain solely liable for and shall make the principal and interest payments on such bonds which are due or may become due on or before the December 1 following the effective date of this transfer. It shall be the duty of the board of education of the receiving district to make the levy for the annual payment of principal and interest on all such bonds maturing after December 1 following the effective date of transfer, but the original territory on which such bonded indebtedness was imposed as a primary liability shall retain liability for payment of such bonds in the event of the failure of the receiving district to make such levy. The giving district or its successor may recover a judgment against the receiving district for any payments so made. The unpaid bonded indebtedness assumed under this section shall not be counted in arriving at any limitation on bonded indebtedness of either the giving or the receiving district.