122.154 – PROPERTY, OBLIGATIONS, AND LIABILITIES OF MERGED
Texas Finance Code § 122.154
Summary
This law outlines the effects of a merger or consolidation of credit unions in Texas. It specifies that the surviving credit union automatically acquires the property and assumes the obligations of the merged entity without needing additional documentation.
Property transfers automatically to the surviving credit union.
Obligations of the merged credit union are assumed by the survivor.
No additional instruments are required for the transfer.
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In simple terms: Learn about Texas's PROPERTY, OBLIGATIONS, AND LIABILITIES OF MERGED law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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