Indiana Code 28-1-21.6-11. Powers and duties of resulting commercial bank
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Sec. 11. Upon conversion of a savings association, the resulting commercial bank:
(2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a commercial bank; and
(1) possesses all of the rights, privileges, immunities, and powers of a commercial bank;
Terms Used In Indiana Code 28-1-21.6-11
- commercial bank: means a stock bank or trust company (as defined by IC 28-1-1-3(2)). See Indiana Code 28-1-21.6-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- savings association: means an institution (as defined in 12 U. See Indiana Code 28-1-21.6-6
(3) succeeds by operation of law to all rights and property of the converting savings association and shall be subjected to all debts, obligations, and liabilities of the converting savings association as if the commercial bank had incurred the debts and liabilities.
As added by P.L.147-1990, SEC.2.