617.1106 Effect of merger.—When a merger becomes effective:
(1) Every other corporation party to the merger merges into the surviving corporation and the separate existence of every corporation except the surviving corporation ceases;
(2) The title to all real estate and other property, or any interest therein, owned by each corporation party to the merger is vested in the surviving corporation without reversion or impairment;
(3) The surviving corporation shall thenceforth be responsible and liable for all the liabilities and obligations of each corporation party to the merger;
(4) Any claim existing or action or proceeding pending by or against any corporation party to the merger may be continued as if the merger did not occur or the surviving corporation may be substituted in the proceeding for the corporation which ceased existence;
(5) Neither the rights of creditors nor any liens upon the property of any corporation party to the merger shall be impaired by such merger;
(6) The articles of incorporation of the surviving corporation are amended to the extent provided in the plan of merger; and
(7) Members of each corporation which is a party to the merger, other than the surviving corporation, are entitled only to the rights, if any, provided in the articles of merger.
History.—s. 72, ch. 90-179.
Section: Previous 617.1007 617.1008 617.1009 617.1101 617.1102 617.1103 617.1105 617.1106 617.1107 617.1108 617.1201 617.1202 617.1301 617.1302 617.1401 NextLast modified: September 23, 2016