Arkansas § 23-49-112 Rejection of contracts and leases

Arkansas Statutes

§ 23-49-112 — Rejection of contracts and leases

Arkansas § 23-49-112

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This text of Arkansas § 23-49-112 (Rejection of contracts and leases) 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. § 23-49-112 (2026).

Text

(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.

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(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.