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23-49-120. Voluntarily placing an institution in possession of commissioner.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-49-120. Voluntarily placing an institution in possession of commissioner.
(a) Any institution may place its affairs and assets under the control of the Bank Commissioner by posting a notice on its front door as follows: “This financial institution is in the possession of the Arkansas State Bank Commissioner”.
(b) The posting of the notice or the taking possession of any institution by the commissioner shall be sufficient to place all of the assets and property of whatever nature in the possession of the commissioner and shall operate as a bar to and dissolution of any attachment proceedings.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-49-120
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:23-49-120
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a5286c78a46f5a1299655147c570b3809e4f903c42ee78fa9f8217114412c853
Source location: content.xml paragraph 24947
Stored source content
23-49-120. Voluntarily placing an institution in possession of commissioner.
(a) Any institution may place its affairs and assets under the control of the Bank Commissioner by posting a notice on its front door as follows: “This financial institution is in the possession of the Arkansas State Bank Commissioner”.
(b) The posting of the notice or the taking possession of any institution by the commissioner shall be sufficient to place all of the assets and property of whatever nature in the possession of the commissioner and shall operate as a bar to and dissolution of any attachment proceedings.
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