§ 28-3-2-5 — Effect of conversion, merger, or consolidation on obligations of state bank

The merger or consolidation of a bank or trust
company with, or the conversion of a bank or trust company into a
national banking association shall not release such bank or trust
company from its obligation to pay and discharge all of the liabilities
created by law or incurred by such bank or trust company before it was
merged or consolidated with, or was converted into a national banking
association, or to pay any and all taxes imposed under and by virtue of
the laws of this state up to the date on which it was merged or
consolidated with or was converted into such national banking
association, in proportion to the time which has elapsed since the last
preceding payment and assessment therefor, or to pay any and all
assessments, penalties and forfeitures imposed or incurred under the
laws of this state up to the date on which it is merged or consolidated
with, or is converted into a national banking association.
Formerly: Acts 1953, c.69, s.5.