Section 27-35-9 Conversion into stock or mutual life insurance company - Preservation of debts, liabilities, and duties. - Alabama Statutes

Section 27-35-9

Conversion into stock or mutual life insurance company - Preservation of debts, liabilities, and duties.

Rights of creditors and all liens upon the property of the former fraternal benefit society shall be preserved unimpaired after the society's conversion, and the former fraternal benefit society shall be deemed to continue in existence in order to preserve the same; and all debts, liabilities, and duties of the former fraternal benefit society shall thenceforth attach to the reorganized and converted corporation and may be enforced against it to the same extent as if said debts, duties, and liabilities had been incurred or contracted by it.

(Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §735.)