Arkansas § 19-3-516 Discontinuance as bank depository

Arkansas Statutes

§ 19-3-516 — Discontinuance as bank depository

Arkansas § 19-3-516

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This text of Arkansas § 19-3-516 (Discontinuance as bank depository) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 19-3-516 (2026).

Text

(a)A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall:

(1)Be discontinued immediately as a bank depository; and (2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.

(b)This section does not prevent a bank depository from:

(1)Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or (2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.

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(a) A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall: (1) Be discontinued immediately as a bank depository; and (2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository. (b) This section does not prevent a bank depository from: (1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or (2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.