§ 27-1-19-5 — Continuation of existing obligations

Any such corporation so organizing under the
provisions of this article is hereby required to faithfully carry out any
and all rights, duties, obligations, contracts, and any and all other
liabilities of every kind and description existing in its favor or against
it at the time of its reorganization under the provisions of this article,
and it shall have the rights, privileges, powers, duties, and
responsibilities, unchanged and unaffected, which it had at the time of
such reorganization under the provisions of this article; nothing
contained in this chapter or authorized by this chapter shall impair or
operate to impair the obligations of any contract existing at the time of
the creation of the new corporation, but such new corporation shall be
subject to and shall assume, carry out, fulfill, and pay all liabilities,
obligations, responsibilities, and contracts connected with and arising
out of its business prior to such reincorporation.
Formerly: Acts 1935, c.162, s.244. As amended by
P.L.252-1985, SEC.85.