17-5531. Same; continuation of state association; succession to property and other interests.
17-5531
17-5531. Same; continuation of state association; succession to property
and other interests.
Upon the conversion of any association into a federal savings and loan
association, the corporate existence of such association shall not
terminate, but such federal association shall be deemed to be a
continuation of the entity of the association so converted and all property
of the converted association, including its rights, titles and interests in
and to all property of whatsoever kind, whether real, personal or mixed,
and things in action and every right, privilege, interest and asset of any
conceivable value, or benefit, then existing or pertaining to it, or which
would inure to it, shall immediately by act of law and without any
conveyance or transfer and without any further act or deed, remain and be
vested in and continue and be the property of such federal association into
which the state association has converted itself, and such federal
association shall have, hold and enjoy the same in its own right as fully
and to the same extent as the same was possessed, held and enjoyed by the
converting association, and such federal association as of the time of the
taking effect of such conversion shall continue to have and succeed to all
the rights, obligations and relations of the converting association.
History: L. 1943, ch. 133, § 109; July 1.