19-5-257 - Assumption of existing indebtedness.
§ 19-5-257. Assumption of existing indebtedness.
Upon acquiring such nonprofit, nonshare corporation or utility district, the political subdivision, utility district or nonprofit, nonshare corporation shall assume any existing indebtedness of the corporation or utility district and be responsible for such indebtedness.
Sources: Laws, 1974, ch. 457, § 3, eff from and after passage (approved March 26, 1974).