Section 56-18-115 - Existing contracts not affected by conversion of stock life insurance company into mutual

Neither the retirement of its capital stock nor any other action taken under this chapter shall affect existing suits, rights or contracts of the corporation. Any deposit made by the corporation under any requirement of an applicable statute of this state shall be retained by the commissioner in trust for the benefit and security of all of the policyholders of the corporation.Acts 1949, ch. 91, § 6; C. Supp. 1950, § 6433.18 (Williams, § 6433.22); T.C.A. (orig. ed.), § 56-1616.