§ 23-48-1007 — Service on out-of-state banks

Arkansas § 23-48-1007

• Jurisdiction: Arkansas
• Title: 23

Text

(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bank: (1) Has no registered agent or its registered agent cannot with reasonable diligence be served; (2) Has withdrawn from transacting business in this state under § 23-48-1008 ; or (3) Has had its certificate of authority revoked under § 23-48-1010 .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.

Legislative History

Acts 1997, No. 408, § 20.