Arkansas Code Title 23, Subtitle 2, Chapter 49 - Dissolution and Liquidation

• § 23-49-101 - Definitions.
  As used in this chapter: (1) "Circuit court" means the court with which the State Bank Department has filed the notice of possession under...
• § 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...
• § 23-49-103 - Injunction Against Commissioner.
  (a) Whenever any institution of whose business, property, and records the Bank Commissioner has taken possession deems itself aggrieved thereby, it may, at any...
• § 23-49-104 - When Possession Terminates.
  When the Bank Commissioner has taken possession of the business and property of an institution under the provisions of § 23-49-102, the commissioner shall...
• § 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)...
• § 23-49-106 - Appointment of Receiver -- Restrictions on Proceedings, Liens, or Credits.
  (a) (1) The Bank Commissioner may appoint the appropriate federal deposit insurance agency as the receiver of the closed institution. If the federal deposit...
• § 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...
• § 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)...
• § 23-49-109 - Presentation of Claims -- Notice of Claims Procedure -- Rejection of Claims -- Statute of Limitations.
  (a) All parties having claims against the closed institution shall present their claims supported by proof to the receiver within one hundred eighty (180)...
• § 23-49-110 - Claims Filed After 180-Day Claim Period.
  Any claims filed after the one-hundred-eighty-day claim period prescribed by § 23-49-109 and subsequently accepted by the receiver or allowed by the circuit court...
• § 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...
• § 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...
• § 23-49-113 - Subrogation of Federal Deposit Insurance Agency to Rights of Depositors.
  Whenever a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed institution, the federal deposit insurance...
• § 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...
• § 23-49-115 - Notice Concerning Safekeeping and Safe-Deposit Boxes.
  (a) (1) The receiver shall cause notice to be mailed to the last address of record to the owners of any personal property in...
• § 23-49-116 - Actions for Enforcement of Rights, Demands, or Claims Vested in an Institution or Its Shareholders or Creditors.
  Notwithstanding any other provision of state law, the receiver may, within five (5) years from the date of closing of the institution, institute and...
• § 23-49-117 - Contents of Articles of Dissolution.
  When the proceedings described in this chapter have been completed, the receiver shall execute and file, in the manner provided in this section, articles...
• § 23-49-118 - Execution and Filing of Articles With Department -- Certificate of Dissolution.
  (a) The articles of dissolution shall be executed in duplicate and presented in duplicate to the State Bank Department accompanied by fees prescribed by...
• § 23-49-119 - Voluntary Liquidation.
  (a) (1) An application for approval to voluntarily liquidate the affairs of an institution shall be submitted to the Bank Commissioner in the manner...
• § 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...

Last modified: November 15, 2016