During the three-year period following cancellation of the credit union's certificate of incorporation, the credit union continues to exist and the liquidating agent, or a successor or other person designated by the commissioner, may act on the credit union's behalf to:
(1) pay, satisfy, or discharge an existing liability or obligation;
(2) collect and distribute assets; and
(3) act as required to adjust and wind up the credit union's business and affairs, including suing or being sued in the credit union's corporate name.