N.J.S.A. 17:9A-152 — Effect of conversion

17:9A-152. Effect of conversion Upon compliance with the requirements of this article, (1) the bank shall be authorized to transact business pursuant to this act; (2) the property and rights of the national banking association shall vest in the bank without further act or deed; (3) the rights and obligations of the national banking association shall become the rights and obligations of the bank; (4) if the bank is a qualified bank, it shall, without further act or deed and without order or judgment of any court, succeed the national banking association in every fiduciary and agency capacity of the association, unless prohibited by the instrument under which the association acted in such fiduciary or agency capacity; and (5) any pending action by or against the national banking association shall survive its conversion into a bank, and the bank shall be substituted for the association. L.1948, c. 67, p. 291, s. 152. Amended by L.1953, c. 17, p. 171, s. 27.

This is the verbatim text of N.J.S.A. 17:9A-152, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.