534.512 - EFFECTS OF MERGER.
534.512 EFFECTS OF MERGER. 1. Liabilities. The association, federal association or bank resulting from a merger is liable for all obligations incurred by each of the associations, federal associations, bank holding companies or banks included in the merger before, during, or after the merger. 2. Assets. All property of each association, federal association, bank holding company or bank adopting a plan of merger, including its rights, titles, and interests in and to all property of whatever kind, whether real, personal, or mixed, choses in action, and every other right and privilege immediately vests in the association, federal association, bank holding companies or bank resulting from the merger by act of law and without any other conveyance, act or deed, except to the extent an interest in property passed to another person under the explicit terms of the plan of merger. 3. Pending actions. Pending actions in any court or tribunal to which any association, federal association, bank holding company or bank adopting a plan of merger is a party shall not be abated or discontinued by reason of the merger, but may be prosecuted in the same manner as if the merger had not been made.
Section History: Early Form [S13, § 1907-b, -c; C24, 27, 31, 35, 39, § 9366--9370; C46, 50, 54, 58, § 534.64--534.68; C62, 66, 71, 73, 75, 77, 79, 81, § 534.36--534.40; 82 Acts, ch 1253, § 33]
Section History: Recent Form C83, § 534.95 C85, § 534.512 Referred to in § 534.511