17-5546.   Same; remaining association deemed to be continuation of allpreceding associations; property of preceding associations deemedto pass by operation of law.Upon the effective date of such merger, all the assets and property ofevery kind and character, real, personal and mixed, tangible andintangible, choses in action, rights and credits then owned by the mergingassociations or which inure to any of them, shall immediately by operationof law and without any conveyance or transfer and without any further actor deed be vested in and become the property of the association into whichthe other associations are absorbed, which shall have, hold and enjoy thesame in its own right as fully and to the same extent as the same herepossessed, held and enjoyed by the merging associations prior to suchmerger; and such association shall be a continuation of the entity andidentity of the association into which the other associations are absorbed,and all of the rights and obligations of the merging associations shallremain unimpaired and the association, at the time of the taking effect ofsuch merger, shall succeed to all the rights and obligations and duties andliabilities of the merging association. All rights and remedies ofcreditors and all liens upon the property of the merging associations shallbe preserved and all debts, liabilities and duties of the respectivemerging associations shall thenceforth attach to the association and may beenforced against it to the same extent as if such debts, liabilities andduties had been incurred or contracted by it.

      History:   L. 1943, ch. 133, § 124; July 1.