Arkansas Statutes
§ 23-68-123 — Borrowing on pledge of assets
Arkansas·Title 23
(a)For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the Insurance Commissioner may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes or other evidences of indebtedness therefor and secure the repayment of the same by the mortgage, pledge, assignment, transfer in trust, or hypothecation of any or all of the property, whether real, personal, or mixed, of the insurer, and the commissioner, subject to the approval of the court, shall have power to take any and all other action necessary and proper to consummate any loan and to provide for the repayment thereof.
(b)The commissioner shall be under no obligation personally or in his or her official capacity to repay
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Legislative History
Acts 1959, No. 148, § 661; A.S.A. 1947, § 66-4824.
Nearby Sections
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§ 23-1-101
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Copies of official papers as evidence§ 23-1-115
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