§ 8-181 — National or state bank; conversion, merger, or consolidation; resulting bank; considered same corporate entity; termination of franchise

When a national bank has converted into or merged or consolidated with a state bank, or a state bank has converted into or merged or consolidated with a national bank, the resulting bank shall be considered the same business and corporate entity as the former bank or banks and as a continuation thereof, and the ownership and title to all properties and assets and the obligations and liabilities of the converting, merging, or consolidating banks shall automatically pass to and become the properties and assets and the obligations and liabilities of the resulting bank. Upon the conversion, merger, or consolidation, when the resulting bank is a national bank, the franchise of the converting, merging, or consolidating state bank shall automatically terminate.

Legislative History

Source: Laws 1951, c. 11, § 1(4), p. 85; R.R.S.1943, § 8-165.03; Laws 1963, c. 29, § 81, p. 166.