Arkansas § 23-49-120 Voluntarily placing an institution in possession of commissioner

Arkansas Statutes

§ 23-49-120 — Voluntarily placing an institution in possession of commissioner

Arkansas § 23-49-120

Title23

This text of Arkansas § 23-49-120 (Voluntarily placing an institution in possession of commissioner) 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. § 23-49-120 (2026).

Text

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

(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.