Sec. 5. Upon conversion, the new state bank or new savings association:

(1) has all the rights, privileges, immunities, and powers of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15;

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Terms Used In Indiana Code 28-6.1-14-5

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) is subject to all the duties, restrictions, penalties, and liabilities of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15; and

(3) is governed by IC 28-13.

As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.75.

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