Indiana Code 28-3-2-5. Effect of conversion, merger, or consolidation on obligations of state bank
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 28-3-2-5
- bank or trust company: means any bank or trust company organized under the provisions of any statute of this state; and
Indiana Code 28-3-2-9
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- national banking association: means any national bank organized under the laws of the United States. See Indiana Code 28-3-2-9
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Sec. 5. The merger or consolidation of a bank or trust company with, or the conversion of a bank or trust company into a national banking association shall not release such bank or trust company from its obligation to pay and discharge all of the liabilities created by law or incurred by such bank or trust company before it was merged or consolidated with, or was converted into a national banking association, or to pay any and all taxes imposed under and by virtue of the laws of this state up to the date on which it was merged or consolidated with or was converted into such national banking association, in proportion to the time which has elapsed since the last preceding payment and assessment therefor, or to pay any and all assessments, penalties and forfeitures imposed or incurred under the laws of this state up to the date on which it is merged or consolidated with, or is converted into a national banking association.
Formerly: Acts 1953, c.69, s.5.