The City of Eaton, under this Charter, is hereby declared to be the only legal successor of the City of Eaton under the General Law and, as such, the City has title to all property, real and personal, owned by its predecessor, including all moneys on deposit and all taxes in the process of collection together with all accounts receivable and rights of action. The City is also liable for all outstanding orders, contracts and debts of its predecessor and for any other obligations for which it may be held liable, as such successor, by any court of competent jurisdiction.