By the name of the town of Breckenridge, the municipal corporation shall have perpetual succession, shall own, possess, and hold all property, real and personal heretofore owned, possessed and held by the town of Breckenridge and does assume and shall manage and dispose of all trusts in any way connected therewith; shall succeed to all the rights and liabilities and shall acquire all benefits and does assume and shall pay all bonds, obligations and indebtedness of said town of Breckenridge; may, by the name of the town of Breckenridge, sue and defend, plead and be impleaded in all courts and places and in all matters and proceedings; may purchase, receive, hold and enjoy, or sell and dispose of real and personal property; may have and use a common seal and alter the same at pleasure.