§ 28-3-2-6 — Effect of conversion, merger, or consolidation on property, rights, privileges, powers, duties, and functions of state bank

Indiana § 28-3-2-6

• Jurisdiction: Indiana
• Art. 3: LIQUIDATION, REORGANIZATION, AND
• Ch. 2: Merger─State Banks and National Associations

Text

At the time when 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, or under such charter as
may be issued thereafter, becomes effective, all of the property of such
bank or trust company, including all of its rights, title and interest in
and to any and all property of whatsoever kind, whether real, personal
or mixed, and to things in action, and to every right, privilege, interest
and asset of any value or benefit whatsoever, then existing, belonging
or pertaining to it, or which would inure to it, shall, immediately, by act
of law, and without any conveyance or transfer, and without any further
act or deed, be vested in and become the property of such national
banking association, which shall have, hold and enjoy the same, in its
own right, as fully and to the same extent as the same was possessed,
held and enjoyed by such bank or trust company; and such national
banking association shall be deemed to be a continuation of the entity
and of the identity of such bank or trust company, and all of the rights,
obligations and relations of such bank or trust company to or in respect
to any person, estate, creditor, depositor, trustee or beneficiary of any
trust, and in, or in respect to, any executorship or trusteeship, or in any
other trust or fiduciary capacity, or appointment thereto, shall remain
unimpaired, and such national banking association, at the time of the
taking effect of such merger, consolidation or conversion, shall succeed
to all of such rights, obligations, relations, appointments, and trusts,
and the duties and liabilities connected therewith, and shall execute and
perform each and every such trust or relation in the same manner as
though such national banking association had itself been appointed to
and/or assumed such trust or relation, including the obligations and
liabilities connected therewith.
Formerly: Acts 1953, c.69, s.6.