Arkansas Statutes
§ 23-49-120 — Voluntarily placing an institution in possession of commissioner
Arkansas·Title 23
(a)Any institution may place its affairs and assets under the control of the Bank Commissioner by posting a notice on its front door as follows: "This financial institution is in the possession of the Arkansas State Bank Commissioner".
(b)The posting of the notice or the taking possession of any institution by the commissioner shall be sufficient to place all of the assets and property of whatever nature in the possession of the commissioner and shall operate as a bar to and dissolution of any attachment proceedings.
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Arkansas § 23-49-120 (Voluntarily placing an institution in possession of commissioner) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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
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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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