Ind. Code § 28-1-21.6-11
Powers and duties of resulting commercial bank
Indiana · Indiana Code Title 28 — Financial Institutions · Status: effective
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- Ind. Code § 28-1-21.6-11, Powers and duties of resulting commercial bank, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1665784
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Full text
Sec. 11. Upon conversion of a savings association, the resulting commercial bank:
(1) possesses all of the rights, privileges, immunities, and powers of a commercial bank;
(2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a commercial bank; and
(3) succeeds by operation of law to all rights and property of the converting savings association and shall be subjected to all debts, obligations, and liabilities of the converting savings association as if the commercial bank had incurred the debts and liabilities.