24 Pa. Stat. § 2-225
All real and personal property, indebtedness and rental obligations to an approved building authority or nonprofit corporation, if any, of former school districts forming a new school district, constituted after July 1, 1966, shall become the property, indebtedness, and rental obligations of such newly constituted school district. All rights of creditors against any of the component former school districts shall be preserved against the new school district. All property theretofore vested in the component former school districts, and all debts and taxes owing to the component former school districts, uncollected in the several component former school districts, and all moneys in the treasuries of the component former school districts, shall be paid to the treasurer of the newly constituted school district.
24 P.S. § 2-225