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23-49-105. Notice of possession.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-49-105. Notice of possession.
(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 each office of the institution;
(3) Filing the notice in the office of the circuit court in the county where the main office of the institution is located;
(4) Causing the notice to be mailed to all correspondent banks of the institution. However, if the commissioner fails to provide the notice, the commissioner shall incur no liability thereon; and
(5) Causing the notice to be published by one (1) insertion in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation.
(b) Upon the filing of the notice under subsection (a) of this section, the clerk shall:
(1) Note the filing of the notice upon the records of the court; and
(2) Enter the cause as an action upon the dockets of the court under the name and style of “In the matter of the liquidation of ” (inserting the name of the institution).
(c) The court shall not have authority to review the action of the commissioner in taking possession of the institution's business, property, and records. However, the court may hear and determine all issues and matters pertaining to or connected with the liquidation of the institution, including:
(1) The sale of assets or assumption of liabilities of the institution; and
(2) The amount of the compensation and necessary expenses of any special representative, assistant, accountant, agent, or attorney employed by the commissioner, or the receiver
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-105
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:23-49-105
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a3c8b313b84af780c7804c1cb62c8cbfe652b5ac8507aff36cab1220f999f6d4
Source location: content.xml paragraph 24772
Stored source content
23-49-105. Notice of possession.
(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 each office of the institution;
(3) Filing the notice in the office of the circuit court in the county where the main office of the institution is located;
(4) Causing the notice to be mailed to all correspondent banks of the institution. However, if the commissioner fails to provide the notice, the commissioner shall incur no liability thereon; and
(5) Causing the notice to be published by one (1) insertion in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation.
(b) Upon the filing of the notice under subsection (a) of this section, the clerk shall:
(1) Note the filing of the notice upon the records of the court; and
(2) Enter the cause as an action upon the dockets of the court under the name and style of “In the matter of the liquidation of ” (inserting the name of the institution).
(c) The court shall not have authority to review the action of the commissioner in taking possession of the institution's business, property, and records. However, the court may hear and determine all issues and matters pertaining to or connected with the liquidation of the institution, including:
(1) The sale of assets or assumption of liabilities of the institution; and
(2) The amount of the compensation and necessary expenses of any special representative, assistant, accountant, agent, or attorney employed by the commissioner, or the receiver appointed by the commissioner, as set forth in this chapter.
(d) All entries, orders, judgments, and decrees of the court in connection with the liquidation proceedings shall be filed and entered of record in the cause of action.
(e)(1) The rights and liabilities of an institution and of its creditors, depositors, shareholders, and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date of the delivery of the notice of possession to the president or other executive officer actively in charge of the business of the institution.
(2) In the case of mutual debts or mutual credits of equal priority between the institution and another person, the credits and debts shall be set off and the balance only shall be allowed or paid.
(3) The right to setoff shall be determined as of the date of delivery of the notice of possession of the institution to the president or other executive officer actively in charge of the business of the institution.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-49-102. Department taking possession — Procedure.
(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 unsafe or unsound condition;
(3) Has refused to pay its deposits or obligations in accordance with the terms under which those deposits or obligations were incurred;
(4) Has concealed or refused to submit books, papers, records, or affairs of the institution for inspection to any examiner or to any lawful agent of the appropriate federal financial institution regulatory agency or of the department;
(5) Has substantially dissipated assets or earnings due to:
(A) Any violation of any law or rule; or
(B) An unsafe or unsound practice;
(6) Has requested through its board of directors that the department take possession for the benefit of depositors, other creditors, shareholders, or other persons;
(7) Has an impairment of its capital as is currently required to be maintained by the department;
(8) Has neglected or refused, for a period of at least thirty (30) days, to comply with the terms of a final order of the department or final order of a federal financial institution's regulatory agency essential to preserve the solvency of the institution; or
(9) Has failed to pay the fees charged by the department under § 23-46-509 after due notice of the amount of the fee has been given.
(b) Whenever it appears to the department that any one (1) or more of the conditions in subsection (a) of this section exists as to any institution, the department shall cause a ce
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-102
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. The source passage cites 23-49-102. This identifies an authority to review, not proof of applicability.