Texas Finance Code 122.154 – Property, Obligations, and Liabilities of Merged or Consolidated Credit Union
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Terms Used In Texas Finance Code 122.154
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: means real and personal property. See Texas Government Code 311.005
After a merger or consolidation is effected:
(1) the property of the merged or consolidated credit union vests in the surviving credit union without an instrument of transfer or endorsement; and
(2) the obligations and liabilities of the merged or consolidated credit union are assumed by the surviving credit union.