524.1415 Effect of filing of articles of conversion with secretary of state. 1. The conversion is effective upon the filing of the articles of conversion with the secretary of state, or at any later date and time as specified in the articles of conversion.The acknowledgment of filing is conclusive evidence of the performance of all conditionsrequired by this chapter for conversion of a national bank or federal savings association,out-of-state bank, or state or federally chartered credit union into a state bank, except asagainst the state. 2. When a conversion becomes effective, the existence of the national bank or federal savings association, out-of-state bank, or state or federally chartered credit union shallcontinue in the resulting state bank which shall have all the property, rights, powers, andduties of the national bank or federal savings association, out-of-state bank, or state orfederally chartered credit union, except that the resulting state bank shall have only theauthority to engage in such business and exercise such powers as it would have, and shall besubject to the same prohibitions and limitations to which it would be subject, upon originalincorporation under ority to engage in such business and exercise such powers as it would have, and shall besubject to the same prohibitions and limitations to which it would be subject, upon originalincorporation under this chapter. The articles of incorporation of the resulting state bankshall be the provisions stated in the articles of conversion. 3. A liability of the national bank or federal savings association, out-of-state bank, or state or federally chartered credit union, or of the national bank’s or federal savings association’s,out-of-state bank’s, or state or federally chartered credit union’s shareholders, directors, orofficers, is not affected by the conversion. A lien on any property of the national bank orfederal savings association, out-of-state bank, or state or federally chartered credit union isnot impaired by the conversion. A claim existing or action pending by or against the nationalbank or federal savings association, out-of-state bank, or state or federally chartered creditunion may be prosecuted to judgment as if the conversion had not taken place, or the resultingstate bank may be substituted in its place. 4. , out-of-state bank, or state or federally chartered creditunion may be prosecuted to judgment as if the conversion had not taken place, or the resultingstate bank may be substituted in its place. 4. The title to all real estate and other property owned by the converting national bank or federal savings association, out-of-state bank, or state or federally chartered credit union isvested in the resulting state bank without reversion or impairment. [C54, 58, 62, 66, §528B.6, 528B.8; C71, 73, 75, 77, 79, 81, §524.1415]95 Acts, ch 148, §120, 121; 96 Acts, ch 1034, §51; 98 Acts, ch 1036, §12; 2007 Acts, ch 88, §13; 2012 Acts, ch 1017, §116; 2022 Acts, ch 1062, §130 Sat Dec 23 01:24:27 2023 Iowa Code 2024, Section 524.1415 (24, 0)
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