When an association effects a conversion in accordance with either of the two preceding sections, the corporate functions of such association shall not be interrupted; but the identity of the association under a new name and new jurisdiction shall continue, together with all of the obligations and liabilities of the association with such revision of the corporate structure as may have been authorized; and all of its rights and interests in and to every kind of property, real, personal or mixed, shall continue without the necessity of a deed or other transfer. Any reference to the association before conversion, contained in any 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 such writing. No pending action or other judicial proceeding to which the association is a party shall be abated or discontinued by reason of such conversion, but the same may be prosecuted to final judgment, order, or decree in the same manner as if such conversion had not occurred.

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Terms Used In Arizona Laws 6-464

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Writing: includes printing. See Arizona Laws 1-215