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23-49-107. Powers of receiver.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-49-107. Powers of receiver.
The receiver of a closed institution may do the following:
(1) Take possession of all books, records, and assets of the institution;
(2) Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate its assets;
(3) Execute in the name of the institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver;
(4) Initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the institution;
(5) Exercise any and all existing fiduciary functions of the institution as of the date of appointment as receiver;
(6) Borrow money as necessary in the liquidation of the institution and secure the borrowings by the pledge or mortgage of assets. The repayment of money borrowed under this subsection and interest thereon shall be considered an expense of administration under § 23-49-111;
(7) Abandon or convey title to any holder of a mortgage, deed of trust, security interest, or lien against property in which the institution has an interest whenever the receiver determines that to continue to claim the interest is burdensome and of no advantage to the institution, its depositors, creditors, or shareholders;
(8) Repudiate any leases or executory contracts to which the institution is a party in accordance with § 23-49-112; and
(9) Subject to the approval of the court:
(A) Sell any and all real and personal property to compromise any debt, claim, or judgment due from the institution and discontinue any action or other proceedings pending;
(B) Pay off all mortgages, deeds of trust, security agreements, and liens upon any real or personal property belonging to the institution and purchase at ju
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-107
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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Stable record: arkansas_code:legal_authorities:23-49-107
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0766ac555632399c0d97855db9d4744e7afb9fe1e9d97b1c0e461d344a0e221a
Source location: content.xml paragraph 24804
Stored source content
23-49-107. Powers of receiver.
The receiver of a closed institution may do the following:
(1) Take possession of all books, records, and assets of the institution;
(2) Collect all debts, claims, and judgments belonging to the institution and do such other acts as are necessary to preserve and liquidate its assets;
(3) Execute in the name of the institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver;
(4) Initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the institution;
(5) Exercise any and all existing fiduciary functions of the institution as of the date of appointment as receiver;
(6) Borrow money as necessary in the liquidation of the institution and secure the borrowings by the pledge or mortgage of assets. The repayment of money borrowed under this subsection and interest thereon shall be considered an expense of administration under § 23-49-111;
(7) Abandon or convey title to any holder of a mortgage, deed of trust, security interest, or lien against property in which the institution has an interest whenever the receiver determines that to continue to claim the interest is burdensome and of no advantage to the institution, its depositors, creditors, or shareholders;
(8) Repudiate any leases or executory contracts to which the institution is a party in accordance with § 23-49-112; and
(9) Subject to the approval of the court:
(A) Sell any and all real and personal property to compromise any debt, claim, or judgment due from the institution and discontinue any action or other proceedings pending;
(B) Pay off all mortgages, deeds of trust, security agreements, and liens upon any real or personal property belonging to the institution and purchase at judicial sale or at sale authorized by court order, any real or personal property in order to protect the institution's equity in that property; and
(C) Sell in bulk the assets and liabilities of the institution.
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Arkansas Code — all titles (historical 2020) · legal_authorities
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 and general creditors; and
(6) Equity capital securities.
(b) Administrative expenses shall include:
(1) Court costs;
(2) Compensation of each regular officer or employee of the receiver for the time actually devoted by the officer or employee to the liquidation of the institution at an amount not to exceed the compensation paid to the officer or employee for the performance of his or her regular duties;
(3) Actual expenses of each regular officer and employee necessarily incurred in the performance of his or her duties;
(4) Compensation and expenses of any special representative, assistant, accountant, agent, or attorney employed by the receiver; and
(5) If the Bank Commissioner is acting as receiver, such reasonable general overhead expenses as may be incurred by the commissioner in the liquidation of the affairs of the institution, which shall be ascertained, determined, and fixed by the commissioner.
(c) Interest on any claims shall not be paid until all claims within the same class have received the full principal amount of claim.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-111
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 23-49-111. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
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 institution as a lessee of real or personal property.
(b) The receiver's election to reject a lease shall create no claim for rent other than rent accrued to the date of termination.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-112
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 23-49-112. This identifies an authority to review, not proof of applicability.