Arkansas § 2-24-110 Receivership

Arkansas Statutes

§ 2-24-110 — Receivership

(a)Following the suspension of a dealer's license under this chapter, the State Plant Board may file a verified petition in a court of competent jurisdiction requesting the appointment of a receiver to take custody of the assets of the dealer and provide for the disposition of the assets under the supervision of the court.

(b)A petition for the appointment of a receiver shall be filed in the county in which the dealer is located.

(c)Upon receiving a petition for the appointment of a receiver under this section, a court may issue any temporary orders necessary to preserve or protect the assets in receivership, the value of the assets in receivership, and the rights of the dealer's creditors until a plan of disposition is approved.

(d)The board may be appointed as receiver in an action b

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(a) Following the suspension of a dealer's license under this chapter, the State Plant Board may file a verified petition in a court of competent jurisdiction requesting the appointment of a receiver to take custody of the assets of the dealer and provide for the disposition of the assets under the supervision of the court. (b) A petition for the appointment of a receiver shall be filed in the county in which the dealer is located. (c) Upon receiving a petition for the appointment of a receiver under this section, a court may issue any temporary orders necessary to preserve or protect the assets in receivership, the value of the assets in receivership, and the rights of the dealer's creditors until a plan of disposition is approved. (d) The board may be appointed as receiver in an action brought under this section.

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