Transfer of Assets Assumption of Liabilities. All assets of the Bank, as they exist at the Effective Time, shall pass to and vest in the Interim Bank as the receiving association without any conveyance or other transfer, and the Interim Bank shall be responsible for all of the liabilities of every kind and description of both the Interim Bank and the Bank existing at the Effective Time.
Appears in 2 contracts
Sources: Agreement and Plan of Reorganization (Patriot National Bancorp Inc), Agreement and Plan of Reorganization (Patriot National Bancorp Inc)