§ 23-47-807. Qualification as successor fiduciary
For the purposes of qualification as successor fiduciary under any requirements contained in any document creating a fiduciary account or any statute of this state relating to fiduciary accounts, the subsidiary trust company or national trust company: (1) Is considered to have capital and surplus equal to its capital and surplus plus the capital and […]
§ 23-47-901. Safe deposit facilities — Liability of lessor
(a) A bank may lease safe-deposit boxes for the keeping of property on terms as may be agreed to by the parties. (b) No bank shall be liable for any loss of the property in a safe-deposit box by theft, robbery, fire, or other cause.
§ 23-47-902. Multiple-party leases
(a) If a safe-deposit box is held in the name of two (2) or more persons, any one (1) of such persons shall be entitled to access the safe-deposit box and shall be permitted to remove the contents thereof, and the bank shall not be responsible for any damage arising by reason of such access […]
§ 23-47-903. Lease to a minor
A bank may lease a safe-deposit box to a minor and in connection therewith, deal with him or her to the same effect as if leasing to and dealing with a person of full legal capacity.
§ 23-47-904. Limiting right of access for failure to comply with security procedures
If any lessee is unwilling or unable to comply with any of the bank’s normal requirements or procedures in connection with access to a safe-deposit box relating to security, safety, or protection, the bank has the right to limit or deny access to the safe-deposit box by that lessee unless all lessees of the safe-deposit […]
§ 23-47-905. Adverse claims to contents of safe-deposit box
Notice to a bank of an adverse claim to the contents of a safe-deposit box shall not be sufficient to require the bank to deny access to its lessee unless the adverse claimant also procures a restraining order, injunction, or other process, which has become final and not further appealable, issued in an action by […]
§ 23-47-906. Remedies and procedures for nonpayment of rent
(a) If the safe-deposit box rental is delinquent for six (6) months, the bank, after at least thirty (30) days’ notice by certified mail, return receipt requested, addressed to the lessee at the lessee’s last known address on the books of the bank, may, if the rent is not paid within the time specified in […]
§ 23-47-701. Authority of Bank Commissioner
The Bank Commissioner shall be authorized and empowered to grant to state banks applying therefor the right to operate a trust department to act as trustee, executor, administrator, custodian, registrar, paying agent or transfer agent of stocks and bonds, guardian of estates, assignee, or receiver or to act in any other fiduciary capacity in which […]
§ 23-47-702. Considerations determinative of grant or denial of applications
In determining whether to grant an application by a state bank for permission to operate a trust department to exercise the powers enumerated in this subchapter, the Bank Commissioner may take into consideration the sufficiency of the capital base of the applying state bank, the needs of the community to be served, and any other […]
§ 23-47-703. Grant and exercise of powers deemed not in contravention of Arkansas law
The granting and exercise of such powers as are authorized by this subchapter shall not be deemed to be in contravention of any other provision of Arkansas law.