Indiana Code
Chapter 21.6. Charter Conversion of Mutual or Stock Savings Associations to Commercial Banks
28-1-21.6-11. Powers and Duties of Resulting Commercial Bank

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.
As added by P.L.147-1990, SEC.2.

Structure Indiana Code