(a) A merger pursuant to this article has the following effect:
(1) The separate existence of the disappearing entity ceases.
(2) The surviving entity succeeds, without other transfer, to the rights and property of the disappearing entity.
(3) The surviving entity is subject to all the debts and liabilities of the disappearing entity. A trust or other obligation governing property of the disappearing entity applies as if it were incurred by the surviving entity.
(b) All rights of creditors and all liens on or arising from the property of each of the constituent entities are preserved unimpaired, provided that a lien on property of a disappearing entity is limited to the property subject to the lien immediately before the merger is effective.
(c) An action or proceeding pending by or against a disappearing entity or other party to the merger may be prosecuted to judgment, which shall bind the surviving entity, or the surviving entity may be proceeded against or substituted in its place.
(d) A merger does not affect an existing liability of a member, director, officer, or agent of a constituent unincorporated association for an obligation of the unincorporated association.
(Added by Stats. 2005, Ch. 116, Sec. 5. Effective January 1, 2006.)
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