Section 362.790

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 1967   

  362.790.  New company liable for obligations of old. — The rights, obligations and relations of either of the merged corporations or of the consolidating corporations, in respect to any person, creditor, depositor, trustee or beneficiary of any trust, shall remain unimpaired, and the receiving corporation or the consolidated corporation shall, when the merger or consolidation becomes effective, as in this chapter provided, succeed to all such relations, obligations, trust, powers and liabilities and shall execute and perform all duties in relation thereto in the same manner as though it had itself assumed or been clothed with the relation, trust or power, or had itself incurred the obligation or liability; and the liabilities and obligations to creditors of any of the merged corporations, or of any of the consolidating corporations, shall not be impaired by the merger or consolidation; nor shall any obligation or liability of any stockholder in any corporation which is a party to the merger or consolidation be affected by the merger or consolidation, but the obligations and liabilities shall continue as fully and to the same extent as existed before the merger or consolidation; except that if the receiving corporation or the consolidated corporation is to be a bank having no fiduciary powers, the rights, obligations and relations of any trust company which is party to the merger or consolidation with respect to any trustee or beneficiary of any trust shall be turned over to a successor trustee as provided in section 362.118.

­­--------

(L. 1967 p. 445)

(Source: RSMo 1959 § 363.950)