Texas § FI.62.209 - PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION

§ FI.62.209. PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION

PROPERTY AND OBLIGATIONS OF CONVERTED ASSOCIATION. (a) The property of an association converted to a federal association immediately by operation of law vests in the federal association. (b) The federal association: (1) holds the property in its own right to the extent it was held by the association that was converted; and (2) succeeds to the obligations and relations of the association that was converted on the date the conversion takes effect. (c) A pending judicial proceeding to which the association that was converted is a party is not abated or discontinued by reason of the conversion and may be prosecuted to final judgment, order, or decree as if the conversion had not occurred. (d) The federal association may continue a judicial proceeding in its own corporate name. A judgment, order, or decree that might have been rendered for or against the association that was converted may be rendered for or against the federal association. (e) In this section, "property" includes the right, title, and interest in and to property, including things in action, and each right, privilege, interest, and asset that exists or inures. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. SUBCHAPTER F. CONVERSION OF FEDERAL ASSOCIATION OR STATE OR NATIONAL BANK TO STATE ASSOCIATION