Upon the conversion of a credit union, the resulting mutual bank:

1. (1) possesses all of the rights, privileges, immunities, and powers of a mutual bank;
2. (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a mutual bank;
3. (3) succeeds by operation of law to all rights and property of the converting credit union; and
4. (4) is subject to all debts, obligations, and liabilities of the converting credit union as if the mutual bank had incurred the debts and liabilities.

As added by P.L.62-1999, SEC.2.