(1) The several corporations party to the plan of merger or consolidation shall be a single corporation, which, in the case of a merger, shall be that corporation designated in the plan of merger as the surviving corporation, and, in the case of a consolidation, shall be the new corporation provided for in the plan of consolidation;

(2) The separate existence of all corporations party to the plan of merger or consolidation, except the surviving or new corporation, shall cease;

(3) The surviving or new corporation shall have all of the rights, privileges, immunities, and powers and shall be subject to all of the duties and liabilities of a corporation organized under this chapter;

(4) The surviving or new corporation, thereupon and thereafter, shall possess all of the rights, privileges, immunities, and franchises, public and private, of each of the merging or consolidating corporations. Any property, whether real, personal, or mixed, any debt due on account, any other chose in action, and any other interest of or belonging to or due to each of the corporations so merged or consolidated, shall be transferred to and vested in the surviving or new corporation, as the case may be, without further act or deed. The title to any real estate, or any interest therein, vested in any surviving or new corporation shall not revert or be in any way impaired by reason of the merger or consolidation;

(5) Any surviving or new corporation shall be responsible and liable for all of the liabilities and obligations of its merged or consolidated corporations. Any claim existing, or action or proceeding pending by or against any merged or consolidated corporation, may be prosecuted as if the merger or consolidation had not taken place or the surviving or new corporation may be substituted in the former's place. Neither the rights of creditors nor any liens upon the property of any merged or consolidated corporation shall be impaired by any merger or consolidation; and

(6) In the case of a merger, the articles of incorporation of the surviving corporation are amended to the extent, if any, that changes in its articles of incorporation are stated in the plan of merger. In the case of a consolidation, the statements set forth in the articles of consolidation and which are required or permitted to be set forth in the articles of incorporation of corporations organized under this chapter, are the articles of incorporation of the new corporation. [L 1985, c 270, pt of §1; am L 1987, c 135, §166]