P.R. Laws tit. 26, § 2947
2019-02-20 00:00:00+00
(1) Upon a merger or consolidation becoming effectuated as provided in § 2946 of this title, all rights and properties of the nonsurviving corporation shall be considered as transferred to the surviving or new corporation without need of further proceedings or conveyance, and the surviving or new corporation is bound to the obligations and liabilities of the merged or consolidated corporations as if contracted directly by such surviving or new corporation itself.
(2) No judicial action or proceeding pending at the time of the merger or consolidation shall be suspended on account thereof.
History —Ins. Code § 29.470.