§ 28-15-14-3 — Effect of merger, consolidation, or conversion on federal savings association

(a) Upon the effective date of a merger,
consolidation, or conversion under sections 1 and 2 of this chapter, all
of the assets and property of the state chartered savings association of
every kind and character, including:
(1) real, personal, and mixed property;
(2) tangible and intangible property; and
(3) choses in action, rights, and credits that:
(A) the savings association owns; or
(B) would inure to the savings association;
shall immediately, by operation of law and without any conveyance or
transfer, and without any further act or deed, be vested in and become
the property of the federal savings association.
(b) A federal savings association referred to in subsection (a) shall
have, hold, and enjoy the assets and property of the state chartered
savings association after a merger, consolidation, or conversion under
sections 1 and 2 of this chapter in its own right, as fully and to the same
extent that the assets and property were possessed, held, and enjoyed
by the state chartered savings association before the merger,
consolidation, or conversion.
(c) After a merger, consolidation, or conversion under sections 1
and 2 of this chapter, the federal savings association is considered a
continuation of the entity and identity of the state chartered savings
association, and all of the rights and obligations of the savings
association remain unimpaired.
(d) The federal association, at the time of the taking effect of the
merger, consolidation, or conversion under sections 1 and 2 of this
chapter, shall succeed to all of the rights and obligations and the duties
and liabilities connected with the state chartered savings association.

Legislative History

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.18.