Section 523.05 - Succession of interests(A) A new township created under this chapter shall succeed to the following interests of each township merged: (1) All money, taxes, and special assessments, whether in the township treasury or in the process of collection;(2) All property and interests in property, whether real or personal;(3) All rights and interests in contracts, or in securities, bonds, notes, or other instruments;(4) All accounts receivable and rights of action;(5) All other matters not included in this section that are not addressed in the merger agreement.(B) A new township created under this chapter is legally obligated for all outstanding franchises, contracts, debts, and other legally binding obligations for each township merged into the new township. A new township created under this chapter is legally responsible for maintaining, defending, or otherwise resolving any and all legal claims or actions of each township merged into the new township.Added by 129th General Assembly, HB 153, §101.01, eff. 9/29/2011.