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23-48-106. Exemption from posting bond in certain transactions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-106. Exemption from posting bond in certain transactions.
(a) Except when the dollar amount of responsibility assumed exceeds its capital base, no bank chartered or licensed to do business in this state shall be required to furnish fidelity, surety, or performance bond, in business transactions involving:
(1) Garnishment;
(2) Replevin;
(3) Foreclosure; or
(4) Forcible entry and detainer.
(b) At the beginning of any proceeding in all such business transactions, the bank shall, upon request, furnish to each party to the transaction a copy of its most recent statement of financial condition.
(c) Nothing in this section shall be construed to:
(1) Prevent a bank from electing or agreeing to furnish bond at its own cost;
(2) Prevent any other party of interest desiring protection in a business transaction with a bank from electing to secure and pay for a bond covering the bank to the benefit of the party to the transaction; or
(3) Amend or repeal any law pertaining to:
(A) Corporate surety or indemnity bonds covering directors, officers, or employees of the bank;
(B) Foreign corporations, associations, or persons not authorized to do business in this state;
(C) Actions available against the bank for injury or damage; or
(D) Bonding requirements involving fiduciary activities.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-106
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-48-106
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3d0512fc7d4087dc143e43921a12d547726c9a061964e2017180f6ef4608b67d
Source location: content.xml paragraph 23300
Stored source content
23-48-106. Exemption from posting bond in certain transactions.
(a) Except when the dollar amount of responsibility assumed exceeds its capital base, no bank chartered or licensed to do business in this state shall be required to furnish fidelity, surety, or performance bond, in business transactions involving:
(1) Garnishment;
(2) Replevin;
(3) Foreclosure; or
(4) Forcible entry and detainer.
(b) At the beginning of any proceeding in all such business transactions, the bank shall, upon request, furnish to each party to the transaction a copy of its most recent statement of financial condition.
(c) Nothing in this section shall be construed to:
(1) Prevent a bank from electing or agreeing to furnish bond at its own cost;
(2) Prevent any other party of interest desiring protection in a business transaction with a bank from electing to secure and pay for a bond covering the bank to the benefit of the party to the transaction; or
(3) Amend or repeal any law pertaining to:
(A) Corporate surety or indemnity bonds covering directors, officers, or employees of the bank;
(B) Foreign corporations, associations, or persons not authorized to do business in this state;
(C) Actions available against the bank for injury or damage; or
(D) Bonding requirements involving fiduciary activities.
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