Arizona Laws 6-216. Continuation of business and corporate entity
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.
Terms Used In Arizona Laws 6-216
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Contract: A legal written agreement that becomes binding when signed.
- Converting bank: means a bank converting from a national to a state bank, or the reverse. See Arizona Laws 6-211
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Merger: includes consolidation. See Arizona Laws 6-211
- Property: includes both real and personal property. See Arizona Laws 1-215
- Resulting bank: means the bank resulting from a merger or conversion. See Arizona Laws 6-211
- State bank: means a corporation holding a banking permit under the laws of this state. See Arizona Laws 6-211
- Trustee: A person or institution holding and administering property in trust.