2013 Maryland Code
CORPORATIONS AND ASSOCIATIONS
§ 3-115 - Effect of transfer of assets
(a) Consummation of a transfer of assets has the effects provided in this section.
(b) (1) The assets of the transferor, including any legacies which it would have been capable of taking, transfer to, vest in, and devolve on the successor to the extent provided in the articles without further act or deed.
(2) Confirmatory deeds, assignments, or similar instruments to evidence the transfer may be executed and delivered at any time in the name of the transferor:
(i) By its current officers; or
(ii) If the corporation no longer exists, by its last acting officers.
(c) (1) The successor is liable for all the debts and obligations of the transferor to the extent provided in the articles of transfer.
(2) A transfer of assets does not impair the rights of a creditor, including rights under the Commercial Law Article.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.