17-5546. Same; remaining association deemed to be continuation of all preceding associations; property of preceding associations deemed to pass by operation of law.
17-5546
17-5546. Same; remaining association deemed to be continuation of all
preceding associations; property of preceding associations deemed
to pass by operation of law.
Upon the effective date of such merger, all the assets and property of
every kind and character, real, personal and mixed, tangible and
intangible, choses in action, rights and credits then owned by the merging
associations or which inure to any of them, shall immediately by operation
of law and without any conveyance or transfer and without any further act
or deed be vested in and become the property of the association into which
the other associations are absorbed, which shall have, hold and enjoy the
same in its own right as fully and to the same extent as the same here
possessed, held and enjoyed by the merging associations prior to such
merger; and such association shall be a continuation of the entity and
identity of the association into which the other associations are absorbed,
and all of the rights and obligations of the merging associations shall
remain unimpaired and the association, at the time of the taking effect of
such merger, shall succeed to all the rights and obligations and duties and
liabilities of the merging association. All rights and remedies of
creditors and all liens upon the property of the merging associations shall
be preserved and all debts, liabilities and duties of the respective
merging associations shall thenceforth attach to the association and may be
enforced against it to the same extent as if such debts, liabilities and
duties had been incurred or contracted by it.
History: L. 1943, ch. 133, § 124; July 1.