(a) A creditor’s right that existed under §31B-14-404 of this code immediately before a merger under §31B-14-604 of this code may be enforced after the merger in accordance with the following rules:

1. (1) A creditor’s right that existed immediately before the merger against the surviving company, a continuing protected series, or a relocated protected series continues without change after the merger.

2. (2) A creditor’s right that existed immediately before the merger against a non-surviving company:

   1. (A) May be asserted against an asset of the non-surviving company which vested in the surviving company as a result of the merger; and
   2. (B) Does not otherwise change.

3. (3) Subject to subsection (b), the following rules apply:

   1. (A) In addition to the remedy stated in paragraph (1) of this section, a creditor with a right under §31B-14-404 which existed immediately before the merger against a non-surviving company or a relocated protected series may assert the right against:

      1. (i) An asset of the surviving company, other than an asset of the non-surviving company which vested in the surviving company as a result of the merger;
      2. (ii) An asset of a continuing protected series; or
      3. (iii) An asset of a protected series established by the surviving company as a result of the merger;
      4. (iv) If the creditor’s right was against an asset of the non-surviving company, an asset of a relocated series; or
      5. (v) If the creditor’s right was against an asset of a relocated protected series, an asset of another relocated protected series.

   2. (B) In addition to the remedy stated in paragraph (2) of this section, a creditor with a right that existed immediately before the merger against the surviving company or a continuing protected series may assert the right against:

      1. (i) An asset of a relocated protected series; or
      2. (ii) An asset of a non-surviving company which vested in the surviving company as a result of the merger.