All rights and property of every description vested in any city or town under its former organization shall be deemed and held to be vested in the reorganized city or town. No right or liability, either in favor of or against such city or town, existing at the time and no suit or prosecution of any kind shall be affected by such change. Where a different remedy is given by this title which can properly be made applicable to any right existing at the time such change is made, the same shall be deemed cumulative to any other remedies available prior to such change and may be used accordingly.
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