6-216. Continuation of business and corporate entity
189 words·~1 min read·
/az/title-6/6-216A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A resulting state bank shall be considered the same business and corporate entity as each merging bank or converting bank. All rights of property, franchises and interests of each merging bank or the converting bank shall be transferred to and vested in the resulting state bank by virtue of such merger or conversion without any deed or other transfer. The resulting state bank, without any order or other action on the part of any court, shall hold and enjoy all rights of property, franchises and interests, including appointments, designations and nominations, and all other rights and interests as trustee, executor, administrator, conservator, guardian, registrar of stocks and bonds, assignee, receiver and in every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises and interests were held or enjoyed by any one of the merging banks or the converting bank at the time of the merger or conversion.
Any reference to the merging bank or converting bank in any contract, will or other document, whether executed or effective before or after the merger or conversion, shall be a reference to the resulting bank.