17:9A-152 - Effect of conversion - New Jersey Statutes

17:9A-152.  Effect of conversion
    Upon compliance with the requirements of this article,

    (1) the bank shall be authorized to transact business pursuant to this act;

     (2) the property and rights of the national banking association shall vest in the bank without further act or deed;

     (3) the rights and obligations of the national banking association shall become the rights and obligations of the bank;

     (4) if the bank is a qualified bank, it shall, without further act or deed and without order or judgment of any court, succeed the national banking association in every fiduciary and agency capacity of the association, unless prohibited by the instrument under which the association acted in such fiduciary or agency capacity;  and

    (5) any pending action by or against the national banking association shall  survive its conversion into a bank, and the bank shall be substituted for the  association.

     L.1948, c. 67, p. 291, s. 152.  Amended by L.1953, c. 17, p. 171, s. 27.