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 […]
(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 […]
(a) Whenever any institution of whose business, property, and records the Bank Commissioner has taken possession deems itself aggrieved thereby, it may, at any time within ten (10) days after taking possession, apply to the circuit court to enjoin further proceedings. (b) After notifying the commissioner to show cause why further proceedings should not be […]
When the Bank Commissioner has taken possession of the business and property of an institution under the provisions of § 23-49-102, the commissioner shall hold possession of the business and property until the affairs of the institution have been finally liquidated as provided in this chapter, unless the institution has undertaken the voluntary liquidation of […]
(a) Immediately upon taking possession of the business and property of any institution under § 23-49-102, the Bank Commissioner shall give notice by: (1) Causing the notice to be served upon the president or other executive officer actively in charge of the business of the institution; (2) Posting the notice at the main entrance at […]
(a) (1) The Bank Commissioner may appoint the appropriate federal deposit insurance agency as the receiver of the closed institution. If the federal deposit insurance agency accepts the appointment, the commissioner shall file notice with the court of the appointment. (2) If the Federal Deposit Insurance Corporation accepts appointment as receiver, it shall not be […]
The receiver of a closed institution may do the following: (1) Take possession of all books, records, and assets of the institution; (2) Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate its assets; (3) Execute in the name of the institution […]
(a) The receiver may, with ex parte approval of the circuit court, sell all or any part of the institution’s assets to one (1) or more other state or federally chartered depository institution or to a federal deposit insurance agency in its corporate capacity. (b) The receiver may also borrow from a federal deposit insurance […]
(a) All parties having claims against the closed institution shall present their claims supported by proof to the receiver within one hundred eighty (180) days after the Bank Commissioner has taken possession. (b) The receiver shall cause notice of the claims procedures prescribed by this section to be: (1) Published once a month for three […]
Any claims filed after the one-hundred-eighty-day claim period prescribed by § 23-49-109 and subsequently accepted by the receiver or allowed by the circuit court shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted […]
(a) All claims against the institution’s estate, proved to the receiver’s satisfaction or approved by the circuit court, shall be paid in the following order: (1) Administration expenses; (2) Claims given priority under other provisions of state or federal law; (3) Deposit obligations; (4) Other general liabilities; (5) Debt subordinated to the claims of depositors […]
(a) Within one hundred eighty (180) days after the date that the Bank Commissioner has taken possession, the receiver may, at his or her election, reject: (1) Any executory contracts to which the closed institution is a party without any further liability to the closed institution or the receiver; and (2) Any obligation of the […]
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 […]
(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 […]
(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 […]
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.
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 […]
(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 […]
(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) […]
(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 […]
