17-5531.   Same; continuation of state association; succession to propertyand other interests.Upon the conversion of any association into a federal savings and loanassociation, the corporate existence of such association shall notterminate, but such federal association shall be deemed to be acontinuation of the entity of the association so converted and all propertyof the converted association, including its rights, titles and interests inand to all property of whatsoever kind, whether real, personal or mixed,and things in action and every right, privilege, interest and asset of anyconceivable value, or benefit, then existing or pertaining to it, or whichwould inure to it, shall immediately by act of law and without anyconveyance or transfer and without any further act or deed, remain and bevested in and continue and be the property of such federal association intowhich the state association has converted itself, and such federalassociation shall have, hold and enjoy the same in its own right as fullyand to the same extent as the same was possessed, held and enjoyed by theconverting association, and such federal association as of the time of thetaking effect of such conversion shall continue to have and succeed to allthe rights, obligations and relations of the converting association.

      History:   L. 1943, ch. 133, § 109; July 1.