The Municipality of Union is hereby declared to be the only legal successor the Village (or City) of Union and as such the Municipality has title to all property real or personal, owned by the Village (or City) including all monies on deposit and all taxes in the process of collection together with all accounts receivable and rights of action. All tax levies voted for a term of years shall remain in effect for the full term provided in the vote. The Municipality also is liable for all outstanding orders, contracts and debts of the Village (or City) and for any other obligations for which it may be held liable, as successor to the Village (or City), by any court of competent jurisdiction.