Section 7114. Pending actions

No action or proceeding, pending at the time
  of the merger or  consolidation  to  which  either  of  the  constituent
  companies  may  be a party, shall be abated or discontinued by reason of
  such merger or consolidation, but the same may be  prosecuted  to  final
  judgment  in  the  same manner as if the merger or consolidation had not
  taken  place;  or  the  continuing  or  consolidated  company,  may   be
  substituted  in  the  place  of such constituent company by order of the
  court in which the action or proceeding may be pending.