reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1002 - Amended certificate of authority

(a)
A registered out-of-state bank shall apply for an amended certificate of authority from the Bank Commissioner if it changes:
(1)
The name of the bank;
(2)
The period of its duration; or
(3)
The state or country under which it is chartered.
(b)
The requirements of §
23-48-1001
for applying for an original certificate of authority shall also apply to applications for obtaining an amended certificate of authority hereunder.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1003 - Effect of certificate of authority

(a)
A certificate of authority authorizes the out-of-state bank to which it is issued to transact business in this state subject, however, to the right of the state to revoke the certificate as provided in this chapter.
(b)
An out-of-state bank with a valid certificate of authority has the same but no greater rights and has the same but no greater privileges as, and except as otherwise provided by this chapter, is subject to the same duties, restrictions, penalties, and liabilities now or later imposed on, a state bank of like character.
(c)
This chapter does not authorize this state to regulate corporate governance matters of an out-of-state bank authorized to transact business in this state.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1004 - Registered office and registered agent of out-of-state bank

Each registered out-of-state bank must continuously maintain in this state:
(1)
A registered office that may be the same as any of its places of business; and
(2)
A registered agent, who may be:
(A)
An individual who resides in this state and whose business office is identical with the registered office;
(B)
A state bank, domestic corporation, or not-for-profit corporation whose business office is identical with the registered office; or
(C)
A foreign corporation or foreign not-for-profit corporation authorized to transact business in this state whose business office is identical with the registered office.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1005 - Change of registered office or registered agent of out-of-state bank

(a)
A registered out-of-state bank may change its registered office or registered agent by delivering to the Bank Commissioner for filing a statement of change that sets forth:
(1)
Its name;
(2)
The street address of its current registered office;
(3)
If the current registered office is to be changed, the street address of its new registered office;
(4)
The name of its current registered agent;
(5)
If the current registered agent is to be changed, the name of its new registered agent and the new agent's written consent, either on the statement or attached to it, to the appointment; and
(6)
That after the change or changes are made, the street addresses of its registered office and the business office of its registered agent will be identical.
(b)
If a registered agent changes the street address of his or her business office, he or she may change the street address of the registered office of any out-of-state bank for which he or she is the registered agent by notifying the bank in writing of the change and signing, either manually or in facsimile, and delivering to the commissioner for filing a statement of change that complies with the requirements of subsection (a) of this section and recites that the bank has been notified of the change.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1006 - Resignation of registered agent of out-of-state bank

(a)
The registered agent of an out-of-state bank may resign his or her agency appointment by signing and delivering to the Bank Commissioner for filing the original and two (2) exact or conformed copies of a statement of resignation. The statement of resignation may include a statement that the registered office is also discontinued.
(b)
After filing the statement, the commissioner shall attach the filing receipt to one (1) copy and mail the copy and receipt to the registered office if not discontinued. The commissioner shall mail the other copy to the out-of-state bank at its principal office address shown in its most recent annual franchise tax report.
(c)
The agency appointment is terminated, and the registered office discontinued if so provided, on the thirty-first day after the date on which the statement was filed.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1007 - Service on out-of-state banks

(a)
The registered agent of a registered out-of-state bank is the bank's agent for service of process, notice, or demand required or permitted by law to be served on the out-of-state bank.
(b)
A registered out-of-state bank may be served by registered or certified mail, return receipt requested, addressed to the secretary or cashier of the out-of-state bank at its principal office shown in its application for a certificate of authority or in its most recent annual franchise tax report if the out-of-state bank:
(1)
Has no registered agent or its registered agent cannot with reasonable diligence be served;
(2)
Has withdrawn from transacting business in this state under §
23-48-1008
; or
(3)
Has had its certificate of authority revoked under §
23-48-1010
.
(c)
Service is perfected under subsection (b) of this section at the earliest of:
(1)
The date the out-of-state bank receives the mail;
(2)
The date shown on the return receipt, if signed on behalf of the out-of-state bank; or
(3)
Five (5) days after its deposit in the United States mail, as evidenced by the postmark, if mailed postpaid and correctly addressed.
(d)
This section does not prescribe the only means, or necessarily the required means, of serving a registered out-of-state bank.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1008 - Withdrawal of out-of-state bank

(a)
A registered out-of-state bank may not withdraw from this state until it obtains a certificate of withdrawal from the Bank Commissioner.
(b)
A registered out-of-state bank may apply for a certificate of withdrawal by delivering an application to the commissioner for filing. The application must set forth:
(1)
The name of the out-of-state bank and the name of the state or country under whose law it is chartered;
(2)
That it is not transacting business in this state and that it surrenders its authority to transact business in this state;
(3)
That it revokes the authority of its registered agent to accept service on its behalf and appoints the commissioner as its agent for service of process in any proceeding based on a cause of action arising during the time it was authorized to transact business in this state;
(4)
A mailing address to which the commissioner may mail a copy of any process served on him or her under subdivision (b)(3) of this section; and
(5)
A commitment to notify the commissioner in the future of any change in its mailing address for a period of time to be determined by the commissioner.
(c)
After the withdrawal of the bank is effective, service of process on the commissioner under this section is service on the out-of-state bank. Upon receipt of process, the commissioner shall mail a copy of the process to the out-of-state bank at the mailing address set forth under subsection (b) of this section.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1009 - Grounds for revocation

The Bank Commissioner may commence a proceeding under §
23-48-1010
to revoke the certificate of authority of a registered out-of-state bank if:
(1)
The out-of-state bank does not deliver its annual franchise tax report to the Secretary of State within sixty (60) days after it is due;
(2)
The out-of-state bank does not pay within sixty (60) days after they are due any franchise taxes or penalties imposed by this chapter or other law;
(3)
The out-of-state bank is without a registered agent or registered office in this state for sixty (60) days or more;
(4)
The out-of-state bank does not inform the commissioner under §
23-48-1005
or §
23-48-1006
that its registered agent or registered office has changed, that its registered agent has resigned, or that its registered office has been discontinued within sixty (60) days of the change, resignation, or discontinuance;
(5)
The out-of-state bank or an officer, director, or employee thereof is found to be violating federal banking laws or regulations, violating the banking laws of this state or department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of the out-of-state bank;
(6)
An incorporator, director, officer, or agent of the out-of-state bank signed a document he or she knew was false in any material respect with intent that the document be delivered to the commissioner for filing; or
(7)
The commissioner receives a duly authenticated certificate from the bank supervisory agency or other official having custody of the corporate records of banking institutions in the state or country under whose law the out-of-state bank is chartered stating that it has been dissolved or disappeared as the result of a merger.
Amended by Act 2021, No. 523,§ 12, eff. 4/1/2021.
Amended by Act 2019, No. 819,§ 13, eff. 5/1/2021.
Amended by Act 2019, No. 315,§ 2555, eff. 7/24/2019.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1010 - Procedure for and effect of revocation

(a)
If the Bank Commissioner determines that one (1) or more grounds exist under §
23-48-1009
for revocation of a certificate of authority, he or she shall serve the out-of-state bank with written notice of his or her determination under §
23-48-1007
.
(b)
(1)
If an out-of-state bank does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the commissioner that each ground determined by the commissioner does not exist within thirty (30) days after service of the notice is perfected under §
23-48-1007
, the commissioner may revoke the out-of-state bank's certificate of authority by signing a certificate of revocation that recites the ground or grounds for revocation and its effective date.
(2)
The commissioner shall file the original of the certificate and serve a copy on the out-of-state bank under §
23-48-1007
.
(c)
The authority of an out-of-state bank to transact business in this state ceases on the date shown on the certificate revoking its certificate of authority.
(d)
(1)
The commissioner's revocation of an out-of-state bank's certificate of authority appoints the commissioner the out-of-state bank's agent for service of process in any proceeding based on a cause of action which arose during the time the out-of-state bank was authorized to transact business in this state. Service of process on the commissioner under this subsection is service on the out-of-state bank.
(2)
Upon receipt of process, the commissioner shall mail a copy of the process to the secretary or cashier of the out-of-state bank at its principal office shown in its most recent annual franchise tax report or in any subsequent communication received from the bank stating the current mailing address of its principal office, or, if none are on file, in its application for a certificate of authority.
(e)
Revocation of an out-of-state bank's certificate of authority does not terminate the authority of the registered agent of the bank.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1011 - Appeal from revocation

(a)
(1)
An out-of-state bank may appeal the Bank Commissioner's revocation of its certificate of authority to the Pulaski County Circuit Court within thirty (30) days after service of the certificate of revocation is perfected under §
23-48-1007
.
(2)
The out-of-state bank appeals by petitioning the court to set aside the revocation and attaching to the petition copies of its certificate of authority and the commissioner's certificate of revocation.
(b)
The court may order the commissioner to reinstate the certificate of authority or may take any other action the court considers appropriate.
(c)
The court's final decision may be appealed as in other civil proceedings.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 this chapter. The circuit court will make a determination for sale of assets only and not a determination of whether or not to take charge of an institution under the Bank Commissioner's supervision;
(2)
"Federal deposit insurance agency" means an agency or instrumentality of the United States that insures to any extent the deposits of a depository institution, including the Federal Deposit Insurance Corporation;
(3)
"Insolvent institution" means an institution that:
(A)
Is, in the opinion of the commissioner, incapable of or unlikely to meet the demands of creditors or depositors on a timely basis;
(B)
Has liabilities in excess of the total value of its assets as determined by the commissioner; or
(C)
Has been advised by the Federal Deposit Insurance Corporation of the Federal Deposit Insurance Corporation's intention to withdraw deposit insurance coverage; and
(4)
"Institution" means a state bank, state trust company, or subsidiary trust company.
Acts 1997, No. 89, § 1; 1997, No. 940, § 113.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 certified notice to be served on the president or other executive officer actively in charge of the institution and demand possession of the business, property, and records of the institution from the officer citing the reasons for such a demand from subsection (a) of this section. The institution shall immediately surrender the possession to the commissioner.
Amended by Act 2019, No. 315,§ 2556, eff. 7/24/2019.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 time within ten (10) days after taking possession, apply to the circuit court to enjoin further proceedings.
(b)
After notifying the commissioner to show cause why further proceedings should not be enjoined and after hearing the allegations and proof of the parties and determining the facts, the court may, upon the merits, dismiss the application or enjoin the commissioner from further proceedings and direct him or her to surrender the business, property, and records to the institution.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 hold possession of the business and property until the affairs of the institution have been finally liquidated as provided in this chapter, unless the institution has undertaken the voluntary liquidation of its affairs under this chapter or the Federal Deposit Insurance Corporation has been appointed receiver.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 insurance agency accepts the appointment, the commissioner shall file notice with the court of the appointment.
(2)
If the Federal Deposit Insurance Corporation accepts appointment as receiver, it shall not be required to post any bond.
(b)
(1)
Upon appointment as receiver, title to all assets of the institution vests in the receiver without the execution of any instruments of conveyance, assignment, transfer, or endorsement.
(2)
If no other receiver is appointed as provided in this chapter, the commissioner shall act as receiver and have all of the powers and duties of a receiver as provided in this chapter.
(c)
Except as otherwise provided, the sole and exclusive right to liquidate and terminate the affairs of any institution is vested in the receiver appointed under this section, and no other receiver, assignee, trustee, or liquidating agent shall be appointed by any court or any other person.
(d)
After the commissioner has taken possession of the business and property of any institution, no suit, action, or other proceeding at law or in equity shall be commenced or prosecuted against the institution upon any debt, obligation, claim, or demand. All such claims may be brought against the receiver.
(e)
(1)
No person holding any of the property or credits of the institution shall have any lien or charge against the property or credits for any payment, advance, or clearance made after the commissioner has taken possession.
(2)
A lien shall not attach to any of the assets or property of the institution by reason of the entry of any judgment recovered against the institution after the commissioner has taken possession of its business and property.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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) days after the Bank Commissioner has taken possession.
(b)
The receiver shall cause notice of the claims procedures prescribed by this section to be:
(1)
Published once a month for three (3) consecutive months in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation; and
(2)
Mailed to each person whose name appears as a creditor upon books of the institution at the person's last address of record.
(c)
(1)
Within one hundred eighty (180) days following receipt of the claim, the receiver shall notify in writing any claimant whose claim has been rejected. Notice is effective when mailed.
(2)
Any claimant whose claim has been rejected by the receiver may petition the circuit court for a hearing on the claim within sixty (60) days from the date the claim was rejected.
(d)
The period described in subsection (a) of this section may be extended by written agreement between the claimant and the receiver.
(e)
(1)
The claim of any party against the closed institution shall be disallowed, other than any portion of the claim which was allowed by the receiver, as of the end of the sixty-day period described in subsection (c) of this section, if the party having the claim fails to:
(A)
Request an administrative review of any claim by the receiver in accordance with proper procedure; or
(B)
File suit on the claim, or continue an action commenced before the appointment of the receiver, before the end of the sixty-day period.
(2)
The disallowance shall be final, and the claimant shall have no further rights or remedies with respect to the claim.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 agency, whether or not it acts as receiver, shall be subrogated by operation of law to all rights of depositors against the closed institution relating to claims for deposits so paid by the federal deposit insurance agency to the extent necessary to enable the federal deposit insurance agency, under federal law, to make insurance payments available to depositors of closed institutions.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 the possession of or held by a closed institution for safekeeping, and to all lessees of safe-deposit boxes.
(2)
The notice shall require the intended recipients to appear and assert their claims to the property within sixty (60) days from the date of the notice.
(b)
Subject to approval of the circuit court, the receiver shall make such agreements or arrangements as may be necessary for the disposition of property held by the closed institution for safekeeping and the contents of safe-deposit boxes, and for the termination of any leases or other contracts relating to the property or contents.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 maintain, in the name of the receiver, any action or proceeding for the enforcement of any right, demand, or claim that is vested in the institution.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 of dissolution, setting forth the following information:
(1)
The name of the institution;
(2)
The place where its main office was located;
(3)
The names and addresses of the directors and officers of the institution at the time the liquidation proceedings were begun;
(4)
A brief summary of the aggregate amount of general claims finally allowed against the institution, the order in which the claims were paid, and the aggregate amount of all other claims against the institution. A statement of the aggregate payments made on each of the groups of claims must be provided, referencing the orders of the receiver or the circuit court authorizing those payments and the current reports documenting such payments; and
(5)
A brief summary of the aggregate amount of payments made to the shareholders of the institution, whether of money or other property, and a reference to the orders of the receiver or the circuit court authorizing the payments and to the current reports wherein documentation of the payments is made.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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 department rules.
(b)
(1)
Upon presentation of the articles of dissolution, the Bank Commissioner shall endorse his or her approval upon each of the duplicate copies of the articles if he or she finds that they conform to law.
(2)
When all fees have been paid as required by law, the commissioner shall file one (1) copy of the articles in the department and issue two (2) certificates of dissolution. One (1) certificate of dissolution shall be filed with the department and the second shall be delivered to the receiver.
(c)
Upon the issuance of the certificate of dissolution, the institution shall be dissolved and its existence shall cease.
(d)
Upon the issuance of the certificate of dissolution, the receiver shall be authorized, as agent for the directors and shareholders of any subsidiary trust company, to file any and all documents with the Secretary of State necessary to terminate its corporate existence under applicable corporate law.
Amended by Act 2019, No. 315,§ 2557, eff. 7/24/2019.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 49 - DISSOLUTION AND LIQUIDATION (§§ 23-49-101 — 23-49-120) › Section 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.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 50 - MISCELLANEOUS VIOLATIONS OF BANKING LAWS (§§ 23-50-101 — 23-50-110) › Section 23-50-101 - Prosecution of violations - Nonliability of commissioner

(a)
The Bank Commissioner may initiate any appropriate civil or administrative action or remedy upon discovering a violation of the Arkansas Banking Code of 1997 or any other statute or rule the enforcement of which is within the scope of his or her duty.
(b)
Civil, administrative, or criminal actions initiated by the commissioner under this section which expose him or her or his or her estate to personal liability for damages, or otherwise, shall be defended by the State of Arkansas, and judgments, if any shall be obtained against him or her or his or her estate, shall be borne by the State of Arkansas.
(c)
No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith reliance upon an order or rule of the State Bank Department notwithstanding a subsequent decision by a court invalidating the order or rule.
Amended by Act 2019, No. 315,§ 2559, eff. 7/24/2019.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 50 - MISCELLANEOUS VIOLATIONS OF BANKING LAWS (§§ 23-50-101 — 23-50-110) › Section 23-50-102 - Forfeiture of charter

(a)
(1)
If the directors of any institution under the supervision of the State Bank Department shall knowingly violate or knowingly permit any of its officers, agents, or servants to violate any of the laws enacted for the rule of any such institutions or any department rules, all rights, privileges, and franchises of the institution shall be subject to forfeiture.
(2)
(A)
Any violation shall, however, be determined in the first instance by the Bank Commissioner, after notice to the institution of not less than five (5) days, and after hearing thereon, and subject to appeal by the institution to the circuit court of the county wherein the institution has its main office.
(B)
Any appeal shall be cognizable and subject to hearing by the circuit court, either in term time or in vacation, at chambers, upon five (5) days' notice of the taking of the appeal and of the time and place for the hearing.
(b)
(1)
Upon rendition of any decision adverse to any institution, the commissioner shall be authorized, in his or her discretion, to take charge of the institution and manage and supervise the business thereof, pending any appeal that may be taken from the decision or orders.
(2)
Upon affirmance by the circuit court of the decision or orders appealed from, the commissioner shall be authorized to continue supervision, or to suspend the charter, of the institution, pending compliance with the decision or orders.
(3)
If the decision or orders are not complied with in the case of a state bank or subsidiary trust company within a reasonable time to be fixed by the commissioner, the department shall proceed to liquidate the business and assets of the state bank or subsidiary trust company in the same manner as is provided in the case of insolvent state banks.
Amended by Act 2019, No. 315,§ 2560, eff. 7/24/2019.
Acts 1997, No. 89, § 1.