Upon the transfer of territory from a county to a new county or an existing county, said new county to which said territory is transferred shall be entitled to such proportionate part of the net assets of the county from which said territory is taken as the taxable wealth of the territory so transferred bears to the taxable wealth of the county from which said territory is taken, but if, as shown by the current tax rolls, the liabilities of the county from which said territory is taken shall exceed its resources at the time of the transfer, the county to which said transfer is made shall pay to said county that proportionate part of said excess as the taxable wealth of the territory received bears to the taxable wealth of said county.
R.L. 1910, § 1509.