1. At the time when the conversion becomes effective, the savings bank shall cease to be supervised by this state pursuant to this chapter, but shall continue as a body corporate converted pursuant to the provisions of the Home Owners’ Loan Act of 1933, the National Bank Act or chapters 657 to 671, inclusive, of NRS, as applicable, and subject to examination and regulation pursuant to the act or title, as applicable.
2. All the property of the savings bank, including all its right, title and interest in and to all property of whatever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value of benefit then existing, belonging or pertaining to it, or which would inure to it, shall immediately by operation of law, and without any conveyance or transfer, and without any further act or deed be vested in and become the property of the federal savings bank, national bank or state bank, as applicable. Such institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by the savings bank.
3. The federal savings bank, national bank or state bank, as applicable, as of the time of taking effect of such conversion shall succeed to all the rights, obligations and relations of the savings bank.
[2:60:1935; 1931 NCL § 973.02] — (NRS A 2017, 1951)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.