The Village of Lebanon, under this Charter, is hereby declared to be the only legal successor of the Village of Lebanon under the general law and as such the Village 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 Village 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.