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 § 28-1-31-9

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 31Conversion of an Out-of-State Financial Institution

This text of Indiana § 28-1-31-9 (Resulting commercial bank; rights, privileges, and duties) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-1-31-9 (2026).

Text

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.