Arkansas § 2-6-116 Receivership - Sureties

Arkansas Statutes

§ 2-6-116 — Receivership - Sureties

Arkansas § 2-6-116

Title2

This text of Arkansas § 2-6-116 (Receivership - Sureties) 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. § 2-6-116 (2026).

Text

When the Secretary of the Department of Agriculture or his or her designee is appointed as receiver under this chapter, the surety on the bond of the Class A registrant shall be joined as a party defendant by the secretary. If required by the court, the surety shall pay the bond proceeds, or so much thereof as the court finds necessary, into the court, and when so paid the surety shall be absolutely discharged from any further liability under the bond to the extent of the payment.

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When the Secretary of the Department of Agriculture or his or her designee is appointed as receiver under this chapter, the surety on the bond of the Class A registrant shall be joined as a party defendant by the secretary. If required by the court, the surety shall pay the bond proceeds, or so much thereof as the court finds necessary, into the court, and when so paid the surety shall be absolutely discharged from any further liability under the bond to the extent of the payment.