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205 ILCS 5/28
(205 ILCS 5/28) (from Ch. 17, par. 335)
Sec. 28. Continuation of corporate entity. A resulting State bank,
national bank or, after May 31, 1997, out-of-state bank
shall be considered the same business and corporate entity as each merging bank
or insured savings association or as the converting bank or insured savings
association with all the property,
rights, powers, duties, and obligations of each merging bank or of the
converting bank or insured savings association except as affected by the
State law in the case of a resulting
State bank or out-of-state bank or by the national law in the case of a
resulting national bank, and
by the charter and by-laws of the resulting bank. A resulting bank shall be
liable for all liabilities of the merging banks, insured savings association,
or converting bank or insured savings association, and all the rights,
franchises and interests of the merging
banks, insured savings association, or converting bank or insured savings
association in and to every species
of property, real, personal, and mixed, and choses in action thereunto
belonging, shall be deemed to be transferred to and vested in the
resulting bank without any deed or other transfer, and the resulting bank,
without any order or other action on the part of any court or otherwise,
shall hold and enjoy the same and all rights of property, franchises, and
interests, including appointments, designations, and nominations and all
other rights and interests as trustee, executor, administrator, registrar
or transfer agent of stocks and bonds, guardian, assignee, receiver, and in
every other fiduciary capacity, in the same manner and to the same extent as
was held and enjoyed by the merging banks, insured savings association, or the
converting bank or insured savings association. Any reference to a merging
or converting bank or a merging or converting
insured savings association in any writing, whether executed or taking effect
before or after the merger or conversion, shall be deemed a reference to the
resulting bank if not inconsistent with the other provisions of the writing.
(Source: P.A. 101-81, eff. 7-12-19.)
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