362.790. New company liable for obligations of old. - Missouri Statutes

New company liable for obligations of old.

362.790. The rights, obligations and relations of either ofthe merged corporations or of the consolidating corporations, inrespect to any person, creditor, depositor, trustee orbeneficiary of any trust, shall remain unimpaired, and thereceiving corporation or the consolidated corporation shall, whenthe merger or consolidation becomes effective, as in this chapterprovided, succeed to all such relations, obligations, trust,powers and liabilities and shall execute and perform all dutiesin relation thereto in the same manner as though it had itselfassumed or been clothed with the relation, trust or power, or haditself incurred the obligation or liability; and the liabilitiesand obligations to creditors of any of the merged corporations,or of any of the consolidating corporations, shall not beimpaired by the merger or consolidation; nor shall any obligationor liability of any stockholder in any corporation which is aparty to the merger or consolidation be affected by the merger orconsolidation, but the obligations and liabilities shall continueas fully and to the same extent as existed before the merger orconsolidation; except that if the receiving corporation or theconsolidated corporation is to be a bank having no fiduciarypowers, the rights, obligations and relations of any trustcompany which is party to the merger or consolidation withrespect to any trustee or beneficiary of any trust shall beturned over to a successor trustee as provided in section362.118.

(L. 1967 p. 445)

(Source: RSMo 1959 § 363.950)