Section 47-21-33 - Liabilities after consolidation or merger--Preexisting claims--Substitution of parties.
47-21-33. Liabilities after consolidation or merger--Preexisting claims--Substitution of parties. The new or surviving cooperative shall be responsible and liable for all the liabilities and obligations of each of the consolidating or merging cooperatives and any claim existing or action or proceeding pending by or against any of the consolidating or merging cooperatives may be prosecuted as if the consolidation or merger had not taken place, but the new or surviving cooperative may be substituted in its place.
Source: SL 1947, ch 33, § 19; SDC Supp 1960, § 11.2219 (3).