Section 765. General effect of consolidation

1.  On  and  after the
  effective date of a consolidation, the  consolidating  local  government
  entities  shall  be treated and considered for all purposes as one local
  government entity, under the name and on the terms  and  conditions  set
  forth  in  the  joint  consolidation  agreement or the elector initiated
  consolidation plan, as the case may be.
    2. All rights, privileges  and  franchises  of  each  component  local
  government  entity  and  all  assets, real and personal property, books,
  records, papers, seals and equipment, as well as other things in action,
  belonging to each component local government entity shall be  deemed  as
  transferred  to  and  vested in the consolidated local government entity
  without further act or deed.
    3. All  property,  rights-of-way  and  other  interests  shall  be  as
  effectually  the property of the consolidated local government entity as
  they were of the component local  government  entities  prior  to  their
  consolidation.  The  title  to real estate, either by deed or otherwise,
  under the laws of the state of New York vested in any of  the  component
  local government entities shall not be deemed to revert or be in any way
  impaired by reason of the consolidation.
    4.  The  consolidated local government entity shall in all respects be
  subject to all the obligations and liabilities imposed and shall possess
  all the rights, powers, and privileges vested by law  in  other  similar
  entities.
    5.   Upon   the   effective  date  of  the  consolidation,  the  joint
  consolidation agreement or the elector initiated consolidation plan,  as
  the  case  may  be, shall be subordinate in all respects to the contract
  rights of all holders of any securities  or  obligations  of  the  local
  government   entities   outstanding   at   the  effective  date  of  the
  consolidation.
    6.  If  a  joint  consolidation   agreement   or   elector   initiated
  consolidation  plan  provides  for  the  dissolution  of a local justice
  court, all court records of such court shall be deposited with a justice
  court judge to be designated by the administrative judge of the judicial
  district within which the  dissolving  justice  court  is  located.  The
  designated  justice  court  judge  shall  have  authority to execute and
  complete all unfinished business.
    * NB Effective March 21, 2010