Upon conversion of an out-of-state financial institution, the resulting commercial bank:

1. (1) possesses all of the rights, privileges, immunities, and powers of a commercial bank;
2. (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a commercial bank; and
3. (3) succeeds by operation of law to all rights and property of the converting out-of-state financial institution and shall be subjected to all debts, obligations, and liabilities of the converting out-of-state financial institution as if the commercial bank had incurred the debts and liabilities.

As added by P.L.1-2006, SEC.490.