Idaho Code 30-22-206 – Effect of Merger
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(a) When a merger under this part becomes effective:
(1) The surviving entity continues or comes into existence;
(2) Each merging entity that is not the surviving entity ceases to exist;
(3) All property of each merging entity vests in the surviving entity without transfer, reversion or impairment;
(4) All debts, obligations and other liabilities of each merging entity are debts, obligations and other liabilities of the surviving entity;
(5) Except as otherwise provided by law or the plan of merger, all the rights, privileges, immunities, powers and purposes of each merging entity vest in the surviving entity;
(6) If the surviving entity exists before the merger:
(A) All its property continues to be vested in it without transfer, reversion or impairment;
(B) It remains subject to all its debts, obligations and other liabilities; and
(C) All its rights, privileges, immunities, powers and purposes continue to be vested in it;
(7) The name of the surviving entity may be substituted for the name of any merging entity that is a party to any pending action or proceeding;
(8) If the surviving entity exists before the merger:
(A) Its public organic record, if any, is amended to the extent provided in the statement of merger; and
(B) Its private organic rules that are to be in a record, if any, are amended to the extent provided in the plan of merger;
(9) If the surviving entity is created by the merger, its private organic rules are effective and:
(A) If it is a filing entity, its public organic record is effective; and
(B) If it is a limited liability partnership, its statement of qualification is effective; and
(10) The interests in each merging entity which are to be converted in the merger are converted, and the interest holders of those interests are entitled only to the rights provided to them under the plan of merger and to any appraisal rights they have under section 30-22-109, Idaho Code, and the merging entity’s organic law.
(b) Except as otherwise provided in the organic law or organic rules of a merging entity, a merger under this part does not give rise to any rights that an interest holder, governor, or third party would have upon a dissolution, liquidation or winding up of the merging entity.
Terms Used In Idaho Code 30-22-206
- Appraisal: A determination of property value.
- Interest holder liability: means :
Idaho Code 30-22-102Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Merger: means a transaction in which two (2) or more merging entities are combined into a surviving entity pursuant to a record filed by the secretary of state. See Idaho Code 30-22-102 Merging entity: means an entity that is a party to a merger and exists immediately before the merger becomes effective. See Idaho Code 30-22-102 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. person: includes a corporation as well as a natural person;
Idaho Code 73-114Plan: means a plan of merger, plan of interest exchange, plan of conversion or plan of domestication. See Idaho Code 30-22-102 Plan of merger: means a plan under section 30-22-202, Idaho Code. See Idaho Code 30-22-102 Property: includes both real and personal property. See Idaho Code 73-114 State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114 Statement of merger: means a statement under section 30-22-205, Idaho Code. See Idaho Code 30-22-102 Surviving entity: means the entity that continues in existence after or is created by a merger under part 2 of this chapter. See Idaho Code 30-22-102
(c) When a merger under this part becomes effective, a person that did not have interest holder liability with respect to any of the merging entities and becomes subject to interest holder liability with respect to a domestic entity as a result of the merger has interest holder liability only to the extent provided by the organic law of that entity and only for those debts, obligations, and other liabilities that arise after the merger becomes effective.
(d) When a merger becomes effective, the interest holder liability of a person that ceases to hold an interest in a domestic merging entity with respect to which the person had interest holder liability is subject to the following rules:
(1) The merger does not discharge any interest holder liability under the organic law of the domestic merging entity to the extent the interest holder liability arose before the merger became effective.
(2) The person does not have interest holder liability under the organic law of the domestic merging entity for any debt, obligation, or other liability that arises after the merger becomes effective.
(3) The organic law of the domestic merging entity continues to apply to the release, collection, or discharge of any interest holder liability preserved under paragraph (1) of this subsection as if the merger had not occurred.
(4) The person has whatever rights of contribution from any other person as are provided by law other than this chapter or the organic rules of the domestic merging entity with respect to any interest holder liability preserved under paragraph (1) of this subsection as if the merger had not occurred.
(e) When a merger under this part becomes effective, a foreign entity that is the surviving entity may be served with process in this state for the collection and enforcement of any debts, obligations, or other liabilities of a domestic merging entity in accordance with applicable law.
(f) When a merger under this part becomes effective, registration to do business in this state of any foreign merging entity that is not the surviving entity is canceled.