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<section article="gca" article_name="Corporations and Associations" number="3-115" title_number="3" title_name="Corporations in General -- Extraordinary Actions" subtitle_number="1" subtitle_name="Consolidation, Merger, and Transfer of Assets">
  <level label="a">
    <text>Consummation of a transfer of assets has the effects provided in this section.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>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 an agreement between the transferor and the successor.</text>
    </level>
    <level label="2">
      <text>Deeds, assignments, or similar instruments to evidence the transfer may be executed and delivered at any time in the name of the transferor:</text>
      <level label="i">
        <text>By its current officers; or</text>
      </level>
      <level label="ii">
        <text>If the corporation no longer exists, by its last acting officers.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>The successor is liable for all the debts and obligations of the transferor to the extent provided in an agreement between the transferor and the successor.</text>
    </level>
    <level label="2">
      <text>A transfer of assets does not impair the rights of a creditor, including rights under the Commercial Law Article.</text>
    </level>
  </level>
  <level label="d">
    <text>A transfer of assets by a corporation occurring before October 1, 2018, is not invalid solely because of a failure to file articles of transfer with the Department.</text>
  </level>
</section>
