Sec. 92.306. PROPERTY AND OBLIGATIONS OF CONVERTED INSTITUTION. (a) The property of another financial institution that converts to a savings bank vests in the savings bank.
(b) The savings bank:
(1) holds the property in its own right to the extent the property was held by the financial institution that was converted; and
(2) on the date the conversion takes effect, succeeds to the rights, obligations, and relations of the financial institution that was converted.
(c) In this section, the property of a financial institution includes each right, title, or interest of the institution in and to property, including things in action, and each right, privilege, interest, or asset of the institution that exists or that inures to the benefit of the institution.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
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