§ 6-03-12 — Transfer of assets on consolidation or merger

North Dakota § 6-03-12

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-03: Powers, Management, and Operation of Banks

Text

All of the rights, property, franchises, and interests of the consolidating or merging bank or
trust company are deemed to be transferred to and vested in the bank or trust company into
which it is consolidated or merged without other instrument of transfer. The consolidated bank or
trust company shall hold and enjoy the same and all rights, property, franchises, and interests in
the same manner and to the same extent as were held and enjoyed by the bank or trust
company so consolidated or merged therewith, including the holding and performing by any
bank or trust company of any and all trust and fiduciary relations whatsoever as to and for which
either or any of the banks or trust companies so consolidating or merging may have been
appointed, nominated, or designated by any will, agreement, conveyance, or otherwise, whether
or not such trust or fiduciary relationship has come into being or has taken effect at the time of
the consolidation or transfer. The merging bank or trust company, however, shall transfer all of
its real property to the consolidated bank or trust company by good and sufficient deed of
conveyance, and for that and other purposes, it remains a body corporate until dissolved in the
manner provided in chapter 6-07.2, or if no assets or liabilities remain, until the certificate is
canceled by the secretary of state.