All actions at law or in equity pending in any court in favor of or against any city of the second class or village consolidated with or annexed by a city of the primary class as provided in sections 15-111 to 15-118 at the time such consolidation or annexation takes effect, shall be prosecuted by or defended by such city of the primary class, and all rights of action existing against any city of the second class or village consolidated with or annexed by such city of the primary class at the time of such consolidation or annexation or accruing thereafter on account of any transaction had with or under any law or ordinance of such city of the second class or village, may be prosecuted against such city of the primary class.
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