California Financial Code 4889 – (a) When a merger becomes effective:(1) Any reference to …
(a) When a merger becomes effective:
(1) Any reference to the disappearing depository corporation in any writing, whether executed or taking effect before or after the merger, shall be deemed a reference to the surviving corporation, if not inconsistent with the other provisions of the writing.
Terms Used In California Financial Code 4889
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Merger: means any of the mergers described in Section 4881. See California Financial Code 4880
- Writing: includes any form of recorded message capable of comprehension by ordinary visual means. See California Financial Code 8
(2) In case the disappearing depository corporation was transacting trust business, the surviving depository corporation shall succeed, without further transfer, to the rights, obligations, properties, assets, investments, deposits, demands, agreements, and trusts of the disappearing depository corporation under all trusts, executorships, administrations, guardianships, agencies, and all their fiduciary or representative capacities to the same extent as if the surviving depository corporation had originally assumed such fiduciary or representative capacities, and the surviving depository corporation shall be entitled to take and execute the appointment to all executorships, trusteeships, guardianships, and other fiduciary or representative capacities to which the disappearing depository corporation is or may be named in wills, whenever probated, or to which the disappearing depository corporation is or may be named or appointed by any other instrument.
(b) Subdivision (a) shall be construed as clarifying and amplifying, not as limiting or restricting, the provisions of § 1107 of the Corporations Code.
(Added by Stats. 1982, Ch. 1411, Sec. 3.)