8.__Effects of conversion.__Upon the effective date of the conversion, the resulting business entity is subject to all of the provisions applicable to that business entity.__A conversion of a business entity to another type of business entity has the following effects.

A.__The resulting business entity possesses all the rights, privileges, immunities and powers of the converting business entity and is subject to all the restrictions, disabilities and duties of the converting business entity to the extent that the rights, privileges, immunities, powers, franchises, restrictions, disabilities and duties are applicable to the resulting business entity.

B.__All property, real, personal and mixed; all debts due on whatever account; all other choses in action; and all and every other interest of or belonging to or due to the converting business entity vest in the resulting business entity without further act or deed.

C.__The title to all real estate and other interests in real estate vested in the converting business entity may not revert or be in any way impaired by reason of the conversion.

D.__The resulting business entity is liable for all liabilities and obligations of the converting business entity and any claim existing or action or proceeding pending by or against the business entity may be prosecuted as if the conversion had not taken place, or the resulting business entity may be substituted in the action.

E.__Neither the rights of creditors nor any liens on the property of the converting business entity are impaired by the conversion.

F.__The interests or shares of the converting business entity that are to be converted or exchanged into interests of the resulting business entity under the terms of the plan of conversion are so converted and the former holders are entitled only to the interests in the resulting business entity as provided in the plan of conversion or the rights otherwise provided by law.