§ 58-17-670 — Transfer of rights, liabilities and the like to consolidated corporation.

Upon the consummation of the act of consolidation all and singular the rights, privileges and franchises of each of such corporations, parties to such consolidation and all the property, real, personal and mixed, and all debts due on whatever account, as well as all stocks, subscriptions and other things in action belonging to each of such corporations, shall be taken and deemed to be transferred to, and vested in, such new corporation, without further act or deed and all property and rights-of-way and every other interest shall be as effectually the property of the new corporation as they were of the former corporations, parties to such agreement. The title to real estate, either by deed or otherwise, under the laws of this State vested in either of such corporations shall not be deemed to revert or be in any way impaired by reason of this chapter. But all rights of creditors and all liens upon the property of such corporations shall be preserved unimpaired and the respective corporations may be deemed to continue in existence to preserve them and all debts, liabilities and duties of either of such companies shall thenceforth attach to the new corporation and be enforced against it to the same extent as if such debts, liabilities and duties had been incurred or contracted by it.

Legislative History

HISTORY: 1962 Code SECTION 58-926; 1952 Code SECTION 58-926; 1942 Code SECTION 8288; 1932 Code SECTION 8233; Civ. C. '22 SECTION 4797; Civ. C. '12 SECTION 3128; Civ. C. '02 SECTION 2053; G. S. 1428; R. S. 1618; 1881 (17) 796.