2011 Vermont Code
Title 24 Appendix Municipal Charters
Chapter 108A TOWN OF CABOT
§ 102 Assets transferred and liabilities assumed

§ 108A-102. Assets transferred and liabilities assumed

(a) Upon the effective merger date, all assets of whatever kind, nature, and description, including lands; easements; rights and interests in lands; buildings and other improvements; vehicles, equipment, and other personal property; funds; grants; assessed but uncollected taxes and charges, including water rents and charges, together with the lien rights and enforcement powers of the Village of Cabot therefor; monies; rights, claims, actions, and contracts; rights of action in legal or administrative proceedings; insurance policies; and documents and records owned, claimed, or held by the Village of Cabot shall become vested in and become assets owned by the Town of Cabot without any further act, deed, or instrument being necessary.

(b) Any and all property held in trust by the trustees of the Village of Cabot or any officer thereof shall become vested in the selectboard of the Town of Cabot and their successors, or in the respective officer of the town and his or her successor, as the case may be, and shall continue to be held in trust for the same uses as before the merger, all without any further act, deed, or instrument being necessary.

(c) Upon the effective merger date, the Town of Cabot shall assume and be obligated to pay or otherwise perform each and every lawful obligation, debt, claim, bonded indebtedness, and other liability of the Village of Cabot without any further act, deed, or instrument being necessary.

(d) Prior to the effective merger date, the officers of the Village of Cabot shall settle, so far as possible, the financial affairs of the Village of Cabot and, on that date, turn over to the proper officers of the Town of Cabot all records, books, documents, and property of the Village of Cabot.