Arkansas Statutes
§ 23-49-112 — Rejection of contracts and leases
Arkansas·Title 23
(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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Legislative History
Acts 1997, No. 89, § 1.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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