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23-49-114. Appointment of successor to fiduciary and representative proceedings.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-49-114. Appointment of successor to fiduciary and representative proceedings.
(a)(1) The receiver, with the approval of the circuit court, may appoint one (1) or more successors to any or all of the rights, obligations, assets, deposits, agreements, and trusts held by the closed institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities.
(2) The approval may be obtained in connection with the proceedings authorized under § 23-49-108.
(3)(A) A successor's duties and obligations begin upon appointment to the same extent binding upon the closed institution and as though the successor had originally assumed the duties and obligations.
(B) Specifically, a successor shall be appointed to administer trusteeships, administrations, executorships, guardianships, agencies, and other fiduciary or representative proceedings to which the closed institution is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or by operation of law.
(b) This section shall not impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
(c) Within thirty (30) days after appointment, a successor shall give written notice, insofar as practical, that the successor has been appointed in accordance with applicable law to all interested parties named in:
(1) The books and records of the closed institution; and
(2) Trust documents held by it.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-114
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:23-49-114
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 12896a7a03b49b5527675f80a5420bcaf709b154a09f8a1f7281dc7c67bca8b7
Source location: content.xml paragraph 24878
Stored source content
23-49-114. Appointment of successor to fiduciary and representative proceedings.
(a)(1) The receiver, with the approval of the circuit court, may appoint one (1) or more successors to any or all of the rights, obligations, assets, deposits, agreements, and trusts held by the closed institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities.
(2) The approval may be obtained in connection with the proceedings authorized under § 23-49-108.
(3)(A) A successor's duties and obligations begin upon appointment to the same extent binding upon the closed institution and as though the successor had originally assumed the duties and obligations.
(B) Specifically, a successor shall be appointed to administer trusteeships, administrations, executorships, guardianships, agencies, and other fiduciary or representative proceedings to which the closed institution is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or by operation of law.
(b) This section shall not impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
(c) Within thirty (30) days after appointment, a successor shall give written notice, insofar as practical, that the successor has been appointed in accordance with applicable law to all interested parties named in:
(1) The books and records of the closed institution; and
(2) Trust documents held by it.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-49-108. Sale of assets — Assumption of deposit liabilities by new institution.
(a) The receiver may, with ex parte approval of the circuit court, sell all or any part of the institution's assets to one (1) or more other state or federally chartered depository institution or to a federal deposit insurance agency in its corporate capacity.
(b) The receiver may also borrow from a federal deposit insurance agency any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing state or federally chartered depository institution, assigning any part or all of the assets of the institution as security for the loan.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-108
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 23-49-108. This identifies an authority to review, not proof of applicability.