Indiana Code 28-1-31-9. Resulting commercial bank; rights, privileges, and duties
Current as of: 2023 | Check for updates
|
Other versions
Sec. 9. Upon conversion of an out-of-state financial institution, 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 28-1-31-9
- commercial bank: means a bank or trust company (as defined by IC 28-1-1-3(2)). See Indiana Code 28-1-31-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- out-of-state financial institution: means a bank or savings bank organized under the laws of any other state or the United States that has a branch or branches in Indiana that were established under IC 28-2-17 or IC 28-2-18. See Indiana Code 28-1-31-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) succeeds by operation of law to all rights and property of the converting out-of-state financial institution and shall be subjected to all debts, obligations, and liabilities of the converting out-of-state financial institution as if the commercial bank had incurred the debts and liabilities.
As added by P.L.1-2006, SEC.490.