Tennessee Code 45-3-1109 – Effect of conversion
Terms Used In Tennessee Code 45-3-1109
- Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Federal association: means a savings and loan association operating under the laws and regulations of the United States. See Tennessee Code 45-3-104
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
When an association subject to this chapter or a federal association effects a conversion in accordance with this chapter, the corporate existence of the association shall not be interrupted, but the identity of the association shall continue, together with all of the obligations and liabilities of the association, and all of its rights, franchises, and interests in and to every kind of property shall continue without the necessity of a deed or other transfer. Any reference to the association before conversion, contained in writing, whether executed or effective before or after the conversion, shall be deemed a reference also to the association after conversion, if not inconsistent with the other provisions of the writing. No pending action or other judicial or administrative proceeding to which the association is a party shall be abated or discontinued by reason of the conversion, but the same may be prosecuted to final judgment, order, or decree in the same manner as if the conversion had not occurred.