Indiana Code 27-15-6-4. Continuation of former mutual
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Sec. 4. The former mutual shall be a continuation of the original converting mutual in all of the following respects:
(2) The conversion does not in any way annul, modify, or change any of the original converting mutual’s existing suits, claims, demands, rights, contracts, or other assets, or absolute or contingent liabilities.
(1) The former mutual shall be recognized as an insurance company formed under the laws of this state as of the date of the company’s original organization.
Terms Used In Indiana Code 27-15-6-4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
(3) The former mutual shall be vested in all of the rights, franchises, and interests of the converting mutual in and to every species of property without any deed or transfer.
(4) The former mutual shall succeed to all the obligations and liabilities of the converting mutual and retain all rights and contracts existing before the effectiveness of the conversion.
As added by P.L.94-1999, SEC.3.