Sec. 3. (a) Upon the effective date of a merger, consolidation, or conversion under sections 1 and 2 of this chapter, all of the assets and property of the state chartered savings association of every kind and character, including:

(1) real, personal, and mixed property;

Terms Used In Indiana Code 28-15-14-3

  • 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.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • 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
(2) tangible and intangible property; and

(3) choses in action, rights, and credits that:

(A) the savings association owns; or

(B) would inure to the savings association;

shall immediately, by operation of law and without any conveyance or transfer, and without any further act or deed, be vested in and become the property of the federal savings association.

     (b) A federal savings association referred to in subsection (a) shall have, hold, and enjoy the assets and property of the state chartered savings association after a merger, consolidation, or conversion under sections 1 and 2 of this chapter in its own right, as fully and to the same extent that the assets and property were possessed, held, and enjoyed by the state chartered savings association before the merger, consolidation, or conversion.

     (c) After a merger, consolidation, or conversion under sections 1 and 2 of this chapter, the federal savings association is considered a continuation of the entity and identity of the state chartered savings association, and all of the rights and obligations of the savings association remain unimpaired.

     (d) The federal association, at the time of the taking effect of the merger, consolidation, or conversion under sections 1 and 2 of this chapter, shall succeed to all of the rights and obligations and the duties and liabilities connected with the state chartered savings association.

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.18.

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