§ 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.