Property and debts passing to successor

Such new corporation shall be liable for the debts of such old corporation, and shall be entitled to the property and assets of such old corporation, which shall pass to and be vested in such new corporation for the same uses and purposes for which it was held and to be used by the old corporation. Acts 1903, ch. 399, § 2; Shan., § 1997a11; Code 1932, § 3515; T.C.A. (orig. ed.), § 6-406. Such new corporation shall be liable for the debts of such old corporation, and shall be entitled to the property and assets of such old corporation, which shall pass to and be vested in such new corporation for the same uses and purposes for which it was held and to be used by the old corporation. Acts 1903, ch. 399, § 2; Shan., § 1997a11; Code 1932, § 3515; T.C.A. (orig. ed.), § 6-406.