Section 27-35-10 Conversion into stock or mutual life insurance company - Obligation to holders of policies or certificates; pending actions. - Alabama Statutes

Section 27-35-10

Conversion into stock or mutual life insurance company - Obligation to holders of policies or certificates; pending actions.

(a) The reorganized and converted corporation shall be obligated to carry out and perform all of the obligations of every kind and character owing by the former fraternal benefit society to the holders of its policies or beneficial certificates, and the same may be enforced against it to the same extent as if the policies and beneficial certificates had been issued by it after such conversion.

(b) Any pending actions wherein the former fraternal benefit society was a party shall be unaffected by the conversion thereof and shall be prosecuted by or against such reorganized and converted corporation the same as if the conversion had not taken place.

(Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §736.)