MARVIN MANDEL, Governor

1621

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) SUCCESSOR LIABLE FOR DEBTS AND OBLIGATIONS.

(1)   THE SUCCESSOR IS LIABLE FOP 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.

REVISOR'S NOTE: This section presently appears as
Art. 23, § 72.

In subsection (c)(2) of this section, the term
"Commercial Law Article" is substituted for
"Uniform Commercial Code." The Commercial Law
Article will contain the U.C.C., and several
additional acts, such as the Uniform
Fraudulent Conveyances Act, applicable to
creditors' rights.

The only other changes are in style.

With respect to use of the term "legacy," see
revisor's note to §3—114.

For the definition of the term "assets," see
§1-101.

3-116. WAIVER OF EXEMPTIONS.

A MARYLAND CORPORATION WHICH CONSOLIDATES, MERGES,
OR TRANSFERS ITS ASSETS WAIVES ALL CLAIM TO ANY EXEMPTION
FROM:

(1)   TAXATION GRANTED BY ITS CHARTER; AND

(2)   REPEAL OR MODIFICATION OF ITS CHARTER.

REVISOR'S NOTE: This section presently appears as
Art. 23, §65 (c).

The only changes are in style.

With respect to repeal or modification of