The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
6-216 - Continuation of business and corporate entity
6-216. Continuation of business and corporate entity
A resulting state bank shall be considered the same business and corporate entity as each merging bank or converting bank. All rights of property, franchises and interests of each merging bank or the converting bank shall be transferred to and vested in the resulting state bank by virtue of such merger or conversion without any deed or other transfer. The resulting state bank, without any order or other action on the part of any court, shall hold and enjoy all rights of property, franchises and interests, including appointments, designations and nominations, and all other rights and interests as trustee, executor, administrator, conservator, guardian, registrar of stocks and bonds, assignee, receiver and in every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises and interests were held or enjoyed by any one of the merging banks or the converting bank at the time of the merger or conversion. Any reference to the merging bank or converting bank in any contract, will or other document, whether executed or effective before or after the merger or conversion, shall be a reference to the resulting bank.