Browse Arkansas Code titles and sections
16-120-704. Transfer of assets to avoid claims.
Arkansas Code — all titles (historical 2020) · legal_authorities
16-120-704. Transfer of assets to avoid claims.
If a nonprofit corporation transfers assets to a member of the board of directors of the corporation or to another nonprofit corporation in order to avoid claims against corporate assets resulting from a judgment rendered as a result of a suit to recover damages for the negligence of the corporation, a corporate employee or a director, the director to whom the asset is transferred, or any director of the corporation from which assets are transferred to avoid those claims may be held personally liable for any judgment rendered. The immunity provided by this subchapter shall be of no force or effect.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-120-704
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:16-120-704
Source file: gov.ar.code.title.16.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c6e926a295e78d14b1e7af50961f408d07b38cf8f1bd95d74302f9dd628ae932
Source location: content.xml paragraph 49120
Stored source content
16-120-704. Transfer of assets to avoid claims.
If a nonprofit corporation transfers assets to a member of the board of directors of the corporation or to another nonprofit corporation in order to avoid claims against corporate assets resulting from a judgment rendered as a result of a suit to recover damages for the negligence of the corporation, a corporate employee or a director, the director to whom the asset is transferred, or any director of the corporation from which assets are transferred to avoid those claims may be held personally liable for any judgment rendered. The immunity provided by this subchapter shall be of no force or effect.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
No explicit source connection was found. This does not mean there are no relevant authorities.