NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2722 Surviving or new corporation; rights, privileges, immunities, and franchises; liabilities and obligations; prosecution of existing claim or pending action or proceeding; rights of creditors; lien upon property of corporation.
(1) The surviving or new corporation has all the rights, privileges, immunities, and franchises, public or private, of each of the merging or consolidating corporations; and all property, real, personal, and mixed, and all debts due on whatever account, including subscriptions to shares, and all other choses in action. Upon complying with section 217, the surviving or new corporation may use the corporate name and the assumed names of the merging or consolidating corporations. All interests of or belonging to or due to each of the corporations merged or consolidated, are considered to be transferred to and vested in a single corporation without further act or deed. The title to real estate, or any interest in real estate, vested in a corporation shall not revert or be in any way impaired because of the merger or consolidation.
(2) The surviving or new corporation is thenceforth responsible and liable for all liabilities and obligations of each of the corporations merged or consolidated. A claim existing or action or proceeding pending by or against a corporation may be prosecuted as if the merger or consolidation had not taken place, or the surviving or new corporation may be substituted in its place. The rights of creditors and a lien upon the property of such a corporation are not impaired by the merger or consolidation.
History: 1982, Act 162, Eff. Jan. 1, 1983
© 2009 Legislative Council, State of Michigan