Texas Insurance Code 882.563 – Effect of Merger or Consolidation On Property
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Terms Used In Texas Insurance Code 882.563
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Property: means real and personal property. See Texas Government Code 311.005
On the effective date of a merger or consolidation under this subchapter, the property rights, including any right of recovery, of each company that is a party to the merger or consolidation are transferred to the new or surviving life insurance company resulting from the merger or consolidation without a deed or other transfer.