(1) Upon the effective date of the conversion of a domestic association to a federal or foreign association or an Oregon savings bank, as defined in ORS 706.008, the converting domestic association shall cease to be a domestic association incorporated under the laws of this state. However, it is expressly declared that the resulting association or savings bank shall be merely a continuation of the converting domestic association under a new name and new jurisdiction and such revision of its corporate structure as may be considered necessary for its proper operation under such new jurisdiction. All property of the converted association, including its rights, titles and interests in and to all property of whatever kind, whether real, personal or mixed; and things in action, and every right, privilege, interest and asset of any conceivable value or benefit then existing or pertaining to it, or which would inure to it, shall immediately by operation of law and without any conveyance or transfer and without any further act or deed remain and be vested in and continue and be the property of the resulting association or bank. All the liabilities and obligations of the converting domestic association shall continue as valid and subsisting liabilities and obligations of the resulting association or bank. The resulting association or bank on the effective date of the conversion shall continue to have and succeed to all the rights, liabilities, obligations and relations of the converting association. A creditor of a domestic association shall not by reason of such conversion alone be deprived of or prejudiced with respect to any claim which the creditor may have against the converting domestic association.
(2) All pending actions and other judicial proceedings to which the converting domestic association is a party shall not abate or discontinue by reason of such conversion, but may be prosecuted to order or judgment in the same manner as if such conversion had not been made and such resulting association or bank may continue such action in its corporate name. Any order or judgment may be rendered for or against it which might have been rendered for or against the converting domestic association theretofore involved in such judicial proceedings. [1975 c.582 §55; 1987 c.445 §14; 1997 c.631 §534; 2003 c.576 §552]
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