§ 23-49-119. Voluntary liquidation
(a) (1) An application for approval to voluntarily liquidate the affairs of an institution shall be submitted to the Bank Commissioner in the manner and form that the commissioner may prescribe, shall include the information set forth in subsection (b) of this section, and shall contain such additional information which the commissioner may require. (2) […]
§ 23-49-120. Voluntarily placing an institution in possession of commissioner
(a) Any institution may place its affairs and assets under the control of the Bank Commissioner by posting a notice on its front door as follows: “This financial institution is in the possession of the Arkansas State Bank Commissioner”. (b) The posting of the notice or the taking possession of any institution by the commissioner […]
§ 23-49-113. Subrogation of federal deposit insurance agency to rights of depositors
Whenever a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed institution, the federal deposit insurance agency, whether or not it acts as receiver, shall be subrogated by operation of law to all rights of depositors against the closed institution relating to claims for deposits so paid […]
§ 23-49-114. Appointment of successor to fiduciary and representative proceedings
(a) (1) The receiver, with the approval of the circuit court, may appoint one (1) or more successors to any or all of the rights, obligations, assets, deposits, agreements, and trusts held by the closed institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities. (2) The approval may be obtained […]
§ 23-49-115. Notice concerning safekeeping and safe-deposit boxes
(a) (1) The receiver shall cause notice to be mailed to the last address of record to the owners of any personal property in the possession of or held by a closed institution for safekeeping, and to all lessees of safe-deposit boxes. (2) The notice shall require the intended recipients to appear and assert their […]
§ 23-49-116. Actions for enforcement of rights, demands, or claims vested in an institution or its shareholders or creditors
Notwithstanding any other provision of state law, the receiver may, within five (5) years from the date of closing of the institution, institute and maintain, in the name of the receiver, any action or proceeding for the enforcement of any right, demand, or claim that is vested in the institution.
§ 23-49-101. Definitions
As used in this chapter: (1) “Circuit court” means the court with which the State Bank Department has filed the notice of possession under this chapter. The circuit court will make a determination for sale of assets only and not a determination of whether or not to take charge of an institution under the Bank […]
§ 23-49-117. Contents of articles of dissolution
When the proceedings described in this chapter have been completed, the receiver shall execute and file, in the manner provided in this section, articles of dissolution, setting forth the following information: (1) The name of the institution; (2) The place where its main office was located; (3) The names and addresses of the directors and […]
§ 23-49-102. Department taking possession — Procedure
(a) In addition to the powers conferred upon the Bank Commissioner and the State Bank Department, the commissioner may take possession of the business and property of any institution which the commissioner supervises whenever it appears to the commissioner that the institution: (1) Is insolvent or in imminent danger of insolvency; (2) Is in an […]
§ 23-49-118. Execution and filing of articles with department — Certificate of dissolution
(a) The articles of dissolution shall be executed in duplicate and presented in duplicate to the State Bank Department accompanied by fees prescribed by department rules. (b) (1) Upon presentation of the articles of dissolution, the Bank Commissioner shall endorse his or her approval upon each of the duplicate copies of the articles if he […]