California Corporations Code 12552 – Any bequest, devise, gift, grant, or promise contained in a will or …
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Any bequest, devise, gift, grant, or promise contained in a will or other instrument of donation, subscription, or conveyance, which is made to a constituent corporation and which takes effect or remains payable after the merger, inures to the surviving party to the merger.
(Amended by Stats. 1999, Ch. 437, Sec. 25.6. Effective January 1, 2000.)
Terms Used In California Corporations Code 12552
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.