§ 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 […]
§ 23-49-108. Sale of assets — Assumption of deposit liabilities by new 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 […]
§ 23-49-109. Presentation of claims — Notice of claims procedure — Rejection of claims — Statute of limitations
(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 […]
§ 23-49-110. Claims filed after 180-day claim period
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 […]
§ 23-49-111. Payment of claims
(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 […]
§ 23-49-112. Rejection of contracts and leases
(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 […]
§ 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 […]