Indiana § 28-1-31-9 Resulting commercial bank; rights, privileges, and duties

Indiana Statutes

§ 28-1-31-9 — Resulting commercial bank; rights, privileges, and duties

Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 31 Conversion of an Out-of-State Financial Institution

Upon conversion of an out-of-state financial institution, the resulting commercial bank:

(1)possesses all of the rights, privileges, immunities, and powers of a commercial bank;

(2)unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a commercial bank; and

(3)succeeds by operation of law to all rights and property of the converting out-of-state financial institution and shall be subjected to all debts, obligations, and liabilities of the converting out-of-state financial institution as if the commercial bank had incurred the debts and liabilities.

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Upon conversion of an out-of-state financial
institution, the resulting commercial bank:
(1) possesses all of the rights, privileges, immunities, and powers
of a commercial bank;
(2) unless otherwise provided in this chapter, is subject to all of
the duties, restrictions, obligations, and liabilities of a commercial
bank; and
(3) succeeds by operation of law to all rights and property of the
converting out-of-state financial institution and shall be subjected
to all debts, obligations, and liabilities of the converting
out-of-state financial institution as if the commercial bank had
incurred the debts and liabilities.

Indiana § 28-1-31-9 (Resulting commercial bank; rights, privileges, and duties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.