The Municipality of West Carrollton, under this Charter, is hereby declared to be the legal successor of the Municipality of West Carrollton, under the laws of the State of Ohio, and as such it has title to all property, real, personal and mixed, owned by its predecessor, including all moneys on deposit and all taxes in process of collection together with all accounts receivable and rights of action. The Municipality 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.