§ 28-15-14-5 — Conversion of federal savings association; effect on state chartered savings association

(a) Upon the effective date of the conversion
of a federal savings association into a state chartered savings
association under section 4 of this chapter, all of the assets and
property of the federal 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 state chartered savings association.
(b) After the conversion of a federal savings association into a state
chartered savings association under section 4 of this chapter:
(1) the state chartered savings association shall have, hold, and
enjoy the assets and property of the federal savings association in
its own right, as fully and to the same extent that the assets and
property were possessed, held, and enjoyed by the federal savings
association before the conversion; and
(2) the state chartered savings association is considered a
continuation of the entity and identity of the federal savings
association, and all of the rights and obligations of the federal
savings association remain unimpaired.
(c) When the conversion of a federal savings association into a state
chartered savings association under section 4 of this chapter takes
effect, the state chartered savings association succeeds to all of the
rights and obligations and the duties and liabilities connected with the
federal savings association.

Legislative History

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.20.