42:2C-77 Effect of merger.
77.Effect of Merger.
a.When a merger becomes effective:
(1)the surviving organization continues or comes into existence;
(2)each constituent organization that merges into the surviving organization ceases to exist as a separate entity;
(3)all property owned by each constituent organization that ceases to exist vests in the surviving organization;
(4)all debts, obligations, or other liabilities of each constituent organization that has ceased to exist continue as debts, obligations, or other liabilities of the surviving organization;
(5)an action or proceeding pending by or against any constituent organization that ceases to exist may be continued as if the merger had not occurred;
(6)except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving organization;
(7)except as otherwise provided in the plan of merger, the terms and conditions of the plan of merger take effect; and
(8)except as otherwise agreed, if a constituent limited liability company ceases to exist, the merger does not dissolve the limited liability company for the purposes of Article 7, Dissolution and Winding Up (sections 48 through 56 of this act);
(9)if the surviving organization is created by the merger:
(a)if it is a limited liability company, the certificate of formation becomes effective; or
(b)if it is an organization other than a limited liability company, the organizational document that creates the organization becomes effective; and
(10) if the surviving organization preexisted the merger, any amendments provided for in the articles of merger for the organizational document that created the organization become effective.
b.A surviving organization that is a foreign organization consents to the jurisdiction of the courts of this State to enforce any debt, obligation, or other liability owed by a constituent organization, if before the merger the constituent organization was subject to suit in this State on the debt, obligation, or other liability. A surviving organization that is a foreign organization and not authorized to transact business in this State appoints the filing office as its agent for service of process for the purposes of enforcing a debt, obligation, or other liability under this subsection. Service on the filing office under this subsection shall be made in the same manner and shall have the same consequences as in subsections c. and d. of section 17 of this act.
L.2012, c.50, s.77.
Section: Previous 42-2c-70 42-2c-71 42-2c-72 42-2c-73 42-2c-74 42-2c-75 42-2c-76 42-2c-77 42-2c-78 42-2c-79 42-2c-80 42-2c-81 42-2c-82 42-2c-83 42-2c-84 Next
Last modified: October 11, 2016