(a) Upon the effective merger date, all assets of whatever kind, nature, and description, including: lands; easements; rights and interests in lands; buildings and other improvements; vehicles, equipment, and other personal property; funds; grants; assessed but uncollected taxes and charges, including water and sewer rents and charges, together with the lien rights and enforcement powers of the Village of Richford therefore; monies; rights, claims, actions, and contracts; rights of action in legal or administrative proceedings; insurance policies; and documents and records owned, claimed, or held by the Village of Richford shall become vested in and become assets owned by the Town of Richford without any further act, deed, or instrument being necessary.

(b) Any and all property held in trust by the trustees of the Village of Richford or any officer thereof shall become vested in the Selectboard of the Town of Richford and their successors, or in the respective officer of said Town and his/her successor, as the case may be, and shall continue to be held in trust for the same uses as before the merger, all without any further act, deed, or instrument being necessary.

(c) Upon the effective merger date, the Town of Richford shall assume and be obligated to pay or otherwise perform each and every lawful obligation, debt, claim, bonded indebtedness, and other liability of the Village of Richford without any further act, deed, or instrument being necessary.

(d) Prior to the effective merger date, the officers of the Village of Richford shall settle, so far as possible, the financial affairs of the Village of Richford and, on said date, turn over to the proper officers of the Town of Richford all records, books, documents, and property of the Village of Richford. (Added 1997, No. M-11 (Adj. Sess.), § 2, eff. Jan. 1, 1999.)