23-47-207. Payment of overdrafts — Liability of officer or employee.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-47-207. Payment of overdrafts — Liability of officer or employee.

23-47-207. Payment of overdrafts — Liability of officer or employee. (a) Any officer or employee who knowingly pays out the funds of any state bank upon the check, order, or draft of any individual, firm, corporation, or association which does not have on deposit with the bank a sum equal to the check, order, or draft is personally liable to it for the amount so paid unless the drawer of the check, order, or draft has previously arranged with the bank for a line of credit sufficient to cover the payment or unless the payment was made pursuant to a general authorization approved by the board of directors for the officer or employee to cover the payment. (b) However, the board of directors may ratify the overdraft and relieve the employee from liability.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-207

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.