Indiana § 28-15-14-5 - Conversion of federal savings association; effect on state chartered savings association
Full text of Indiana Indiana Code § 28-15-14-5 — Conversion of federal savings association; effect on state chartered savings association, with citation guidance and answers to common questions.
§ 28-15-14-5. Conversion of federal savings association; effect on state chartered savings association
Sec. 5. (a) Upon the effective date of the conversion of a federal savings association into a state chartered savings association under section 4 of this chapter, all of the assets and property of the federal savings association of every kind and character, including:
(1) real, personal, and mixed property;
(2) tangible and intangible property; and
(3) choses in action, rights, and credits that:
(A) the savings association owns; or
(B) would inure to the savings association;
shall immediately, by operation of law and without any conveyance or transfer, and without any further act or deed, be vested in and become the property of the state chartered savings association.
(b) After the conversion of a federal savings association into a state chartered savings association under section 4 of this chapter:
(1) the state chartered savings association shall have, hold, and enjoy the assets and property of the federal savings association in its own right, as fully and to the same extent that the assets and property were possessed, held, and enjoyed by the federal savings association before the conversion; and
(2) the state chartered savings association is considered a continuation of the entity and identity of the federal savings association, and all of the rights and obligations of the federal savings association remain unimpaired.
(c) When the conversion of a federal savings association into a state chartered savings association under section 4 of this chapter takes effect, the state chartered savings association succeeds to all of the rights and obligations and the duties and liabilities connected with the federal savings association.
As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.20.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-15-14-5
What does Indiana Code § 28-15-14-5 cover?
Section 28-15-14-5 ("Conversion of federal savings association; effect on state chartered savings association") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 28-15-14-5?
A common citation format is "Indiana Code § 28-15-14-5" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 28-15-14-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.