§ 5-7A-42 — Transfer of Property of State Bank to National Bank

Alabama § 5-7A-42

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 7A: Bank Merger, Consolidation, or Conversion
• Art. 3: Conversion of State Banks into or Consolidation with National Banks

Text

At the time when such conversion of or consolidation or merger by the state bank with a national bank, under the charter of the latter, becomes effective, all the property of the state bank including all its rights, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value or benefit then existing, belonging or appertaining to it or which would inure to it, shall immediately, by act of law and without any conveyance or transfer and without any further act or deed, be vested in and become the property of the national bank, which shall have, hold and enjoy the same in its own right as fully and to the same extent as if the same were possessed, held and enjoyed by the state bank.

Legislative History

(Acts 1980, No. 80-658, p. 1259, §5-7-42; Acts 1981, No. 81-504, p. 863, §1.)