Practice question
A constituent has a valid matured receivable on an unpaid share subscription when an effective merger occurs. The subscriber argues the survivor cannot collect because the original subscription creditor no longer separately exists. Which is correct?
- The subscription receivable passes to the survivor under Section 79.
- Every subscription is forgiven by merger
- The subscriber automatically becomes the sole owner
- The receivable becomes ownerless
- Only the former officers personally inherit it
Legal references
- Revised Corporation Code, RA 11232, Section 79: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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