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2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.591 Transfer of property to federal association -- Rights of creditors.

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286.5-591 Transfer of property to federal association -- Rights of creditors. When a state association has been converted, merged, or consolidated into a federal <br>association, all of its property and interest in property shall immediately by operation of <br>law and without any act or deed of conveyance or transfer, become vested in the <br>successor federal association. No creditor of the state association shall by reason of such <br>conversion, merger or consolidation alone be deprived of or prejudiced with respect to <br>any claim against the state association. Effective: June 18, 1964 <br>History: Created 1964 Ky. Acts ch. 138, sec. 38, effective June 18, 1964. <br>Formerly codified as KRS 289.591. <br>Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the <br>Kentucky Financial Services Code, KRS Chapter 286.

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